Where assessee claimed exemption under section 10(38) on long term capital gain they claimed to have earned is not allowed, as the share transactions from which such capital gain was claimed to be derived were not proven legitimate, and Revenue provided sufficient evidences to prove the transactions as bogus. Addition is held to be justified. (AY. 2014-15)
Suman Poddar v. ITO (2020) 191 DTR 19 / 206 TTJ 393 (Delhi)(Trib.)
S. 68 : Cash credits-Long term capital gains-Accommodation entries-Transactions were proven bogus by revenue-Addition as cash credits justified. [S. 45, 10(38)]