Denial of exemption u/s 10(38) - . The ITAT found that the assessee, an individual with income from...

Denial of exemption u/s 10(38) - . The ITAT found that the assessee, an individual with income from salary and other sources, had legitimately purchased equity shares of CCL International Ltd, which were later sold through a registered stockbroker. The transactions were subjected to Securities Transaction Tax (STT), and the gains were classified as long-term capital gains. Despite the AO's suspicion regarding the sharp rise in the share price, the ITAT found no evidence to doubt the genuineness of the transactions. The Tribunal highlighted the company's ongoing business operations and its recognition by government bodies, thereby ruling the capital gains as genuine and entitled to exemption under section 10(38). .....

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