Court Rules Section 10(38) Exemption Valid for Long-Term Capital Gains from Penny Stock Transactions; Insufficient Evidence of Bogus Deals.

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....Bogus LTCG - exemption u/s 10(38) - penny stock transactions - when as per the AO’s own observation the source as well as source of source for receipt of sale consideration were found through proper banking channel then the so-called evidences in the form of cash trail of transactions did not conclusively prove that the proceeds realized from sale of shares could be considered as appellant’s undisclosed income - exemption allowable....