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Case Law Details

Case Name : M. Kiran Kumar Vs ACIT (ITAT Chennai)
Related Assessment Year : 2015-16
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Kiran Kumar Vs ACIT (ITAT Chennai)

The AO disallowed the exemption claimed u/s.10(38) solely based on the investigation report by SEBI pertaining to certain cases based from Kolkatta wherein share prices rigged substantially over a period of time. Merely on suspicion and surmises, this disallowance was made without any corroborative evidence. The AO failed to bring on record any evidence indicating bogus transactions. The essential requirements for a claim u/s. 10(38) are that; the income should arise from a sale of LTC Asse

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