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2022 (10) TMI 1142 - ITAT KOLKATABogus LTCG - exemption u/s 10(38) - long-term capital gain on sale of shares of Kailash Auto Finance Limited. AO disbelieved this transaction and estimated a commission expenditure for arranging this transaction - HELD THAT:- We find that there are large number of assessees, who have transacted with equity shares of Kailash Auto Finance Limited and claimed exemption under section 10(38) of the Income Tax Act. Apart from this scrip, there are other scrips also in Kolkata, who were found to be penny stock and transactions on papers only. The Hon’ble Calcutta High Court has recently considered this aspect in its judgment in the case of Swati Bajaj & Others [2022 (6) TMI 670 - CALCUTTA HIGH COURT]. In a number of appeals, we have also rejected the claim of the assessees, the assessee transacted the shares of M/s. Kailash Auto Finance Limtied. All these transactions have been held as bogus. Therefore, relying upon the decision of the Hon’ble Calcutta High Court coupled with various orders of the ITAT, we are of the view that Revenue Authorities have rightly rejected the claim of the assessee and made the additions. We do not find any merit in this appeal. Appeal of the assessee is dismissed.
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