Bogus LTCG - penny stock purchases - genuineness of claim of ...

Taxpayer's Exempt Income Claim Validated u/s 10(38) for LTCG from Penny Stocks; No Extra Brokerage Needed.

June 28, 2021

Case Laws Income Tax AT

Bogus LTCG - penny stock purchases - genuineness of claim of exempt income u/s 10(38) of the Act from Long Term Capital Gain - Since we have held the transaction of Long Term Capital Gain as genuine no addition for estimated brokerage expense is thus called for - AT

View Source

← Previous Next →

Bogus LTCG - penny stock purchases - genuineness of claim of ...

Taxpayer's Exempt Income Claim Validated u/s 10(38) for LTCG from Penny Stocks; No Extra Brokerage Needed.

June 28, 2021

Case Laws Income Tax AT

You may also like:

Exemption u/s 10(38) - bogus LTCG on purchase and sale of shares - disallowance brokerage expense - penny stock transaction - ssessee has successfully proved the...

Bogus LTCG - exemption u/s.10(38) denied - the assessee submitted a letter withdrawing the LTCG claim u/s 10(38) and offered the same as income. Therefore, once the...

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...

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...

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...

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...

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...

The HC upheld that LTCG exempt u/s 10(38) should be included in book profits for MAT computation u/s 115JB. However, proviso to s.10(38) cannot be read to include exempt...

Bogus LTCG - genuineness of transaction not proved - exemption u/s 10(38) - assessee failed to prove genuineness of transaction and long-term capital gain on sale of...

Addition u/s 68 - Penny stock purchases - addition on account of Long Term Capital Gains (LTCG) which the assessee derived from sale of scrip - exemption u/s 10(38)...

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...

Assessment u/s 153A - Bogus claim of LTCG - the assessee has discharged the necessary onus cast on him in terms of claim of exemption of long term capital gains u/s...

Revision u/s 263 - assessee has claimed as exempt LTCG seemed to be bogus - it is too early on the part of the Pr. CIT to direct the AO to redo the assessment so that...

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...

The Appellate Tribunal addressed the issue of alleged bogus long-term capital gain u/s 10(38) concerning a transaction involving shares of a company flagged as a penny...

Quick Updates: