Exemption u/s. 10(38) disallowed as sale of share was an affair to convert unaccounted money: ITAT Ahmedabad

Shailesh Subodhchandra Jhaveri Vs DCIT (ITAT Ahmedabad)

ITAT Ahmedabad held that claim of exemption u/s. 10(38) on sale of shares rightly disallowed as assessee failed to prove genuineness of transaction and long-term capital gain on sale of shares was an arranged affair to convert its own unaccounted money.

Facts- The assessee filed a return declaring a total loss of Rs. (-)10,08,593. A notice u/s. 148 of the Income Tax Act was issued on 25.03.2015, requiring the assessee to file the return of income within 30 days. The assessee responded on 30.04.2015 stat

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