Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights February 2019 Year 2019 This

Bogus LTCG - penny stock - The transactions were all through ...


Assessee Cleared of Misconduct Allegations in Penny Stock LTCG Case; No Specific Findings in Report.

February 26, 2019

Case Laws     Income Tax     AT

Bogus LTCG - penny stock - The transactions were all through account payee cheques and reflected in the books of accounts. - In absence of any finding specifically against the assessee in the investigation wing report, the assessee cannot be held to be guilty or linked to the wrong acts of the persons investigated.

View Source

 


 

You may also like:

  1. Bogus LTCG - Disallowance on claim of exemption u/s. 10(38) of LTCG - penny stock transactions - The price rise of the penny stock scrip was abrupt, sudden and...

  2. Addition u/s 68 - bogus LTCG - penny stock transaction - The ITAT observed that even though characteristics of penny stock transactions were present, there was no direct...

  3. The ITAT Kolkata held that the addition on a protective basis made by the Assessing Officer in the hands of the assessee, concerning a loan received from a director and...

  4. Disallowance of exemption claimed u/s. 10(38) - Bogus LTCG - Penny stock transactions - The SEBI has suspended the penny stock of those companies, who involved in...

  5. Bogus LTCG - Addition u/s. 68 - penny stock - assessee placed all evidence - a specific query is put up as to whether any of entry operators searched or survey has...

  6. The Tribunal held that the objection of the assessee regarding low tax effect was not sustainable. The addition made u/s 68 for bogus LTCG and unexplained cash credits...

  7. Bogus LTCG - exemption u/s 10(38) denied - The AO contended that the LTCG was undisclosed income arising from alleged manipulation in penny stocks. However, the assessee...

  8. Bogus LTCG - Penny stock purchases - Claim made u/s 10(38) denied - ITAT remanded the matter back by setting aside the additions - Not only the Assessing Officer, but...

  9. Bogus LTCG - share price increased multi-fold - Allegation that there is artificial increase by circular trading of shares forming carte - It clearly raises several...

  10. Revision u/s 263 by CIT - Bogus LTCG - Penny stock purchases - He merely makes general reference to the investigation report of the Department stating to have contained...

  11. Bogus LTCG - Disallowing exemption u/s 10(38) - penny stock - The said company held as a penny stock company by the authorities below without any corroborative evidence...

  12. Reopening of assessment u/s 147 - undisclosed LTCG - when the information was specific with regard to transactions of penny stock entered into by the assessee, and the...

  13. Addition u/s. 69B - penny stock - mere suspicion that the assessee has invested in alleged penny stock scrip cannot be made basis of addition u/s. 69B of the Act. In the...

  14. ITAT dismissed revenue's appeal concerning disputed long-term capital gains from penny stock transactions. While AO treated gains as unexplained cash credits under...

  15. Penalty u/s 271(1)(c) was imposed despite the assessee withdrawing the exemption claim u/s 10(38) for Long Term Capital Gain (LTCG) on sale of penny stocks and offering...

 

Quick Updates:Latest Updates