Bogus LTCG - Addition u/s 68 - Long Term Capital Gain claimed ...

LTCG Exemption Denied u/s 10(38); Assessee Must Prove Legitimacy Amid Section 68 Additions. (38.

August 30, 2022

Case Laws Income Tax AT

Bogus LTCG - Addition u/s 68 - Long Term Capital Gain claimed exempt u/s. 10(38) denied - primary onus to prove - Capital gain earned by the assessee cannot be held as bogus merely on the basis of some report unearthed in case of third party/parties unless cogent material is brought against particular assessee on record. - AT

View Source

← Previous Next →

Bogus LTCG - Addition u/s 68 - Long Term Capital Gain claimed ...

LTCG Exemption Denied u/s 10(38); Assessee Must Prove Legitimacy Amid Section 68 Additions. (38.

August 30, 2022

Case Laws Income Tax AT

You may also like:

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)...

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

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...

Assessee's claim for exemption u/s 10(35) was rejected by CPC while processing return u/s 143(1)(a), which attained finality as assessee failed to challenge it before...

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...

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...

Addition u/s 68 - bogus LTCG on shares - sharp scrips gain/prices - In fact, the brokers’ credibility was also doubted by the Assessing Officer and for which the...

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 - addition u/s 68 - exemption of LTCG u/s 10(38) - penny stock - neither the assessee nor his broker are named as illegitimate beneficiary to bogus LTCG in...

Bogus LTCG - disallowance of exemption claimed by assessee u/s 10(38) on account of LTCG - there is no live link in the order of SEBI about the transactions of shares of...

Exemption to the assessee u/s. 10(38) - LTCG - exemption available to any other assessee u/s 10(38) relating to long term capital, would also be available to a person...

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 - penny stock purchases - list of beneficiaries submitted by the brokers/entry providers before the investigation wing substantiates that...

Bogus LTCG - exemption under section 10(38) denied - The onus was on the assessee to prove the transaction leading to claim of long-term capital gain was a genuine...

Quick Updates: