LTCG Exemption Denied Due to Bogus Gains; Sharp Price Rise and Broker Credibility Questioned by Tax Authorities.

Addition u/s 68 - bogus LTCG on shares - sharp scrips gain/prices - In fact, the brokers’ credibility was also doubted by the Assessing Officer and for which the assessee has not given any explanation before any of the Authorities. Thus, the Assessing Officer and the CIT(A) has rightly denied the LTCG exemption u/s 10(38) of the Act to the assessee. - AT .....

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