LTCG on Bogus Scrips Not Eligible For Section 10(38) Exemption: Ahmedabad ITAT

Atmiben Aliptkumar Doshi Vs ITO (ITAT Ahmedabad) Introduction: The case of Atmiben Aliptkumar Doshi vs. ITO, heard by the Ahmedabad ITAT, addresses the eligibility of Long Term Capital Gains (LTCG) exemption under Section 10(38) of the Income Tax Act, 1961, in cases involving alleged bogus scrips. The appeal was filed against the CIT(A)’s decision for the Assessment Year 2015-16. Detailed Analysis: The assessee claimed LTCG exemption on the sale of shares of Kappac Pharma Limited under Section 10(38) of the Act. However, the Assessing Officer observed discrepancies in the transaction, pa...