Exemption u/s 10(38) not available in case of LTCG for sale of bogus equity shares

Rajendra Kumar Gupta Vs ITO (ITAT Kolkata) ITAT Kolkata held Long Term Capital Gain (LTCG) for sale of equity shares as bogus and accordingly not eligible to exemption u/s. 10(38) of Income Tax Act, 1961. Facts- The issue is involved in the appeal is relating to the disallowance of claim of exemption u/s. 10(38) of the Act in respect of Long-term capital gains (LTCG) arising from sale of shares and in some cases challenging the additions for commission expenditure for arranging such LTCG. It was alleged that the assessee failed to file any satisfactory reply to justify the genuineness of sudde...