S. 10(38) : Long term capital gains from equities -Penny stocks – Produced contract notes, demat statements etc & discharged the onus of proving that the shares were bought and sold -Merely relying upon the statement of investigation wing , the transaction cannot be treated as bogus- Denial of exemption is held to be not valid – Reassessment is held to be valid . [ S.45 , 68 147 ,148 ]
Suresh Kumar Agarwal v. ACIT (2020) 117 taxmann.com 678( Delhi) (Trib) www.itatonline.org