Pr. CIT deems reassessment premature for LTCG exemption claim; aims to prevent misuse of section 10(38) in penny stock cases.

Revision u/s 263 - assessee has claimed as exempt LTCG seemed to be bogus - it is too early on the part of the Pr. CIT to direct the AO to redo the assessment so that abuse of provision of section 10(38) is prevented and income is brought to tax in light of recent judgments in penny stock cases. .....

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