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2024 (4) TMI 19 - ITAT RANCHIBogus LTCG - Exemption u/s 10(38) denied - addition of presumptive commission @ 3% to the entry operator for providing long term capital gain, treating it as unexplained expenditure - HELD THAT:- We draw our force from the decision of Arun Kumar Agarwal (HUF) [2012 (8) TMI 398 - JHARKHAND HIGH COURT] wherein it has been held that the long term capital gain realized on sale of penny stocks has to be treated as genuine as the assessee has furnished all the evidences in support of her claim. In the present case, the purchase of shares has not been disputed or doubted. However, the sale has been disputed in the current year to be bogus and in the nature of accommodation entries. Thus we set aside the orders of the authorities below and delete the addition made towards Long Term Capital Gain on sale of shares of CCL. Accordingly, grounds taken by the assessee in this respect are allowed.
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