The assessee had demonstrated the genuineness of the share transaction resulting in long-term capital...

The assessee had demonstrated the genuineness of the share transaction resulting in long-term capital gains, which were claimed as exempt u/s 10(38). The Revenue contended that the transaction was a bogus penny stock transaction to infuse unaccounted income. The ITAT held that the assessee had discharged the onus of proving the genuineness of the transaction, and the Revenue failed to establish that it was a bogus transaction. The ITAT observed that the Revenue relied solely on an investigation report without providing details or establishing how the assessee's case fitted the modus operandi of the alleged entry operator. The ITAT noted the long gap between purchase and sale of shares at varying prices, dematerialized nature of shares, tran..... .....

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