One person suppose to buy shares in 2008 from share broker through contract notes in cash. He do not have share certificates. Exemption u/s 10(38) on LTCG. has been claimed in A.Y. 2015-16 but the I.T. Department rejected his claim by treating bogus LTCG gain as he has not own the share certificates. Further in F.Y. 2014-15, the persons sold the share through demate account but never applied for dematerializing the shares supposed to be purchased in 2008 from share broker through contract notes in cash. Whether rejection of exemption u/s 10(38) is right or wrong?