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2023 (11) TMI 1243 - AT - Income TaxBogus LTCG - exemption u/s 10(38) denied - HELD THAT:- No doubt assessee has meticulously completed the paperwork by routing his entire investment through banking channel, but the results thereof are altogether beyond the pale of common course of natural events, human conduct and public and private business. As pertinent to note that neither in the past nor in the subsequent years, assessee engaged into any such investment to have a huge windfall. If the assessee been so informative qua the nuances of the share market, he would have certainly undertaken such adventurous activities at least in future by making such investment in the unknown stock. We are, therefore, of the considered view that what is apparent is not real and what is real is not made to appear. Investment in unknown stock by the assessee is not real and all the paper work and routing money through banking channels is only to make it real or legal, but when examined, the whole transaction of sale and purchase of the stock with huge windfall to the assessee is only a part of the larger picture. We concur with the findings of the AO and while upholding the same, we find the grounds of appeal devoid of any merits and are liable to be dismissed. Grounds of appeal are accordingly dismissed.
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