High Court Upholds Revenue's Case, Invalidates Tribunal's Order on Section 10(38) Exemption for Penny Stock Transactions.

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....Exemption u/s 10(38) - no material on record to establish the genuineness of the purchase of shares - penny stock purchases - Role of the assessee in promoting a company, the relation of the assessee with that of the promoter and the role of inflating of prices, etc. - - The issue has already been decided in favor of revenue by this HC. - Order of ITAT set aside and order of CIT(A) restored - HC....