Exemption Denied: Section 10(38) Long-Term Capital Gains on Shares Rejected Due to Alleged Bogus Gains Lacking Evidence.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Bogus capital gain on sale of long term shares - exemption u/s 10(38) denied - The holding of the shares by the assessee cannot be doubted and the finding of the AO is based merely on the suspicion and surmises without any cogent material to show that the assessee has introduction his unaccounted income in the shape of long term capital gain.....