Section 10(38) Exemption Ineligible for bogus LTCG on Penny Stock Equity Sales

Manoj Jain (HUF) Vs ITO (ITAT Kolkata) ITAT Kolkata held that exemption under section 10(38) of the Income Tax Act not eligible in respect of long Term Capital Gain from sale of equity shares of penny stock companies listed with Bombay Stock Exchange (BSE). Facts- The assessee is HUF, who filed his return of income on 25.07.2015. In the said return, the assessee has claimed exemption u/s. 10(38) of the Act for long-term capital gain of Rs.47,25,995/- from sale of equity shares of Sulabh Engineers & Services Limited. The case selected for scrutiny through CASS in AST module by valid serving...