2019 (1) TMI 34

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....referred against the order of the Commissioner of Income Tax [Appeals] - XXV, New Delhi dated 19.03.2018 pertaining to assessment year 2014-15. 2. The sum and substance of the grievance of the assessee is that the ld. CIT(A) erred in confirming the assessment order wherein the Assessing Officer denied claim of long term capital gain exemption u/s 10(38) of the Income-tax Act, 1961 [hereinafter re....

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....untry-wide investigation to unearth the organized racket of generating bogus entries of long term capital gain, which is exempt from tax. The Assessing Officer learnt that Turbotech Engineering Pvt Ltd is also one such company which has been identified as a listed penny stock on BSE, which has been used for generating bogus long term capital gain. 6. Drawing support from the order of the SEBI and....

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....e authorities below and relevant documentary evidences brought on record. Purchase and sale of shares are documented and exhibited at pages 1 to 8 of the paper book. Sale of shares are carried out in BSE at the prices prevailing in the market which are duly supported by contract notes issued by the broker. The entire transactions have been discarded by the Revenue authorities because the BSE has s....