Bogus LTCG - penny stock - addition u/s 68 - The AO failed to ...

AO Lacks Evidence for Cash Payments Claim; LTCG from Share Sales Not Bogus u/s 68.

March 4, 2019

Case Laws Income Tax AT

Bogus LTCG - penny stock - addition u/s 68 - The AO failed to bring on board any material to suggest that the assessee had made cash payment to the purchaser of share from electronic platform of BSE under the strict watch of SEBI. In the absence of evidence/material only discussing modus operandi floted by Investigation could not entitled the claim of assessee of LTCG on sale of shares as bogus.

View Source

← Previous Next →

Bogus LTCG - penny stock - addition u/s 68 - The AO failed to ...

AO Lacks Evidence for Cash Payments Claim; LTCG from Share Sales Not Bogus u/s 68.

March 4, 2019

Case Laws Income Tax AT

You may also like:

The Appellate Tribunal upheld the addition u/s 68 as the assessee failed to prove the genuineness of LTCG claimed u/s 10(38). The AO found discrepancies in off-market...

The assessee provided documentary evidence supporting the purchase and subsequent sale of shares leading to long-term capital gains (LTCG). The evidence included...

Addition made u/s 68 - Bogus LTCG - unexplained cash credits - suspicious transactions in shares - penny stock - The Tribunal ultimately upheld the AO's decision to...

Bogus share transactions were alleged, and the Assessing Officer (AO) denied the assessee's claim for exemption u/s 10(38) by treating the sale consideration of shares...

Addition u/s 68 - bogus LTCG - off market purchase in physical form by paying cash - The assessee has failed to furnish the proof of source for the purchase transactions...

The Appellate Tribunal considered the issue of addition u/s 68 for alleged bogus LTCG from sale of shares. The Tribunal noted that the transactions were conducted on a...

Bogus long-term capital gains (LTCG) arising from sale of shares - AO held that the said LTCG/loss are fabricated/engineered transactions by the respective assessees,...

Addition u/s 68 or 56(2) - Unexplained cash credit u/s 68 - share transactions - the valuation aspect of the shares is made on the Discounted cash flow method (DCF) and...

Addition u/s 68 - bogus LTCG on sale of shares - The purchase of shares and the sale of shares were also reflected in Demat account statements. The sale of shares...

The ITAT Surat (Appellate Tribunal) considered an appeal regarding the addition u/s 68 for alleged bogus LTCG and unexplained cash credit. The appellant's claim for...

Bogus LTCG - Addition u/s 68 - bogus penny stock transaction - suspicion v/s facts - disallowing the exemption u/s 10(38) - The assessee has demonstrated with...

Bogus LTCG on shares - Addition u/s 68 - Transactions in Shares - For making an addition holding that transaction are bogus, the LD AO should have made inquiries on the...

The Appellate Tribunal upheld the addition u/s 68 for alleged bogus Long Term Capital Gains due to off-market cash purchase of shares. The taxpayer's claim for deduction...

Addition u/s 68 as accommodation entries - long term capital gain on sale of shares as sham/bogus transaction - Mere suspicion cannot be a ground for treating the...

Additions u/sec 68 in respect of sale of shares and u/sec 69 in respect of estimated commission expenditure - The Tribunal, relying upon the judicial precedents, found...

Quick Updates: