Exemption u/s 10(38) denied based on principle of fraud

Abhishek Ashok Lohade Vs ITO (ITAT Pune) ITAT Pune denied exemption of capital gain under section 10(38) of the Income Tax Act by applying principle of fraud as the transaction of purchase and sale of shares were construed with the intention to bring undisclosed income into books of accounts. Facts- The Assessing Officer denied the claim for exemption of capital gains u/s 10(38) of the Act amounting to Rs.50,49,171/- by holding that the transactions of purchase of shares of SRK Industries Ltd. and subsequent sale is nothing but a bogus transaction by relying upon the investigation report by th...