https://www.taxtmi.com/caselaws?id=787366 Long-term capital gains claimed as exempt under Section 10(38) were sustained where the assessee produced contract notes, demat records and bank statements showing allotment, inter-stock transfer and sale on a recognized exchange; tax authority reliance on investigation reports, abrupt price appreciation and generalized bogus-LTCG modus operandi was held insufficient. The legal principle applied requires cogent material directly linking the assessee to price manipulation, accommodated entries or recycled cash before documentary proof can be displaced, and absent such linkage the exemption stands and additions as unexplained income are unsustainable. en-us Fri, 27 Feb 2026 00:00:00 +0530 Tue, 03 Mar 2026 08:42:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787366 Long-term capital gains claimed as exempt under Section 10(38) were sustained where the assessee produced contract notes, demat records and bank statements showing allotment, inter-stock transfer and sale on a recognized exchange; tax authority reliance on investigation reports, abrupt price appreciation and generalized bogus-LTCG modus operandi was held insufficient. The legal principle applied requires cogent material directly linking the assessee to price manipulation, accommodated entries or recycled cash before documentary proof can be displaced, and absent such linkage the exemption stands and additions as unexplained income are unsustainable. Case-Laws Income Tax Fri, 27 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787366