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2020 (3) TMI 1334 - AT - Income TaxDisallowance u/s.10(38) - Bogus LTCG - HELD THAT:- Clearly the facts in the present case shows that the transactions in the case of the assessee is through recognized Stock Exchange and through a Broker who is not in the tainted list. The transactions have been made through Demat Account and the payments and receipts through the banking channels only. More than anything else, in the assessee’s case, the transactions are not transactions which are of twelve months or of around twelve months, these are transactions having more than five year holdings. Just because the company whose shares the assessee has dealt in has been identified as a Penny Stock, cannot make the transactions of the assessee ineligible for the deduction u/s.10(38). Assessing Officer is directed to grant the assessee the benefit of deduction u/s.10(38) as claimed. - Decided in favour of assessee.
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