Revenue appeal allowed in claiming exemption u/s. 10(38) by manipulating share price of SRK Industries

S.N. Sodhani HUF Vs PCIT (Supreme Court of India)

Supreme Court allowed the appeal of the revenue in manipulation of share price of SRK Industries recording fictitious Long Term Capital Gain and claiming exemption under section 10(38) by following case of Swati Bajaj.

Facts- This appeal has been filed by the revenue u/s. 260A of the Income Tax Act, 1961 raising substantial question of law that whether on the facts and circumstances of the case that Income Tax Appellate Tribunal erred in ignoring the direct and circumstantial evidence brought on record by AO

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