Where there is a similarity to the Carcano bullets is that the Carcano bullets have a higher propensity to 'tumble' than a normal bullet, that is to turn end over end. They are very long and heavy which is good for penetrating things (hence the 'magic' bullet) but this also makes them more liable to tumble. The effect on the body can be very similar to the wobbly bullets as the bullet is striking the body while at an angle. Additionally the rifle Oswald bought was a WWII surplus rifle. Prior to 1938 factories making the Carcano ammunition would include in a single ammunition clip bullets from different lots and with different powder types. This resulted in varying bullet velocities and excessive bullet dispersion (wobble). Wobble is usually seen as bad because it results in poor accuracy at distance, though Kennedy was hit within 100 metres.
Interestingly the Carcano manufacturers later went on to copy the MK VII's aluminium tip for its destructive ability.
The desire for such bullets arose after the banning of 'dum dums' and other expanding bullets such as hollow points by the Germans at the Hague Convention of 1899. They complained it resulted in large and horrible wounds. The British countered that they were useful in putting down tribal insurrections and that after being shot repeatedly with their ordinary small arms the fanatical tribesmen would keep coming.
Sir John Ardagh
'The civilized soldier when shot recognizes that he is wounded and knows that the sooner he is attended to the sooner he will recover. He lies down on his stretcher and is taken off the field to his ambulance, where he is dressed or bandaged. Your fanatical barbarian, similarly wounded, continues to rush on, spear or sword in hand; and before you have the time to represent to him that his conduct is in flagrant violation of the understanding relative to the proper course for the wounded man to follow—he may have cut off your head.'
This ban is still in effect today and is why no army will use hollow-point bullets. They have though recently been introduced by the British and American police forces. The exception is allowed to prevent bystanders in urban areas being hit by those bullets that do pass through a body.