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 stating that the original return should ...