LTCG Exemption Denied as 3072% Returns Failed Human Test Probability

Abhimanyu Soin Vs ACIT (ITAT Chandigarh) The Income Tax Appellate Tribunal (ITAT), Chandigarh, dismissed the appeal of the assessee and upheld the order of the Commissioner of Income Tax (Appeals) [CIT(A)] confirming the addition of ₹83,57,578 under Section 68 of the Income-tax Act, 1961. The dispute related to the assessee’s claim of exemption under Section 10(38) on Long-Term Capital Gains (LTCG) amounting to ₹80,25,291 arising from the sale of shares. The Tribunal held that the assessee had failed to establish the genuineness of the purchase and sale transactions involving the sha...