Exemption u/s 10(38) of Income Tax Act shall be denied when Assessee enters into Sham Transaction with Paper Companies: ITAT upholds Order of CIT(A) [Read Order]

By Sunayana Dhal - On September 29, 2023 8:30 pm - 2 mins read
Exemption - Income Tax Act - Assessee - Transaction - Paper Companies - ITAT - taxscan

The Pune bench of the Income Tax Appellate Tribunal (ITAT) held that the exemption under Section 10(38) of the Income Tax Act, 1961 shall be denied when the assessee enters into a sham transaction with the paper companies. The assessee is an individual who derives income from farming and rents. The assessee claimed exemption of…

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