The Kolkata ITAT confirmed the CIT(A)'s order upholding disallowance of claim of long-term capital gain exemption u/s 10(38) of Income tax Act, 1961 by stating that genuineness of the company is not dependent on the magnitude of profit.The Member of the ITAT comprising Rajpal Yadav (Vice-President) and Girish Agrawal (Accountant Member) observed that “The assessee might have made...