Exemption u/s 10(38) - bogus LTCG on purchase and sale of shares ...

Taxpayer Wins: LTCG Exemption on Shares Upheld, Brokerage Disallowance Removed u/s 10(38) of Income Tax Act.

October 31, 2023

Case Laws Income Tax AT

Exemption u/s 10(38) - bogus LTCG on purchase and sale of shares - disallowance brokerage expense - penny stock transaction - ssessee has successfully proved the genuineness of the transaction of purchase and sale as well as holding of the shares - addition made by the AO on account of long term capital gain claimed as exempt u/s 10(38) of the Act and consequently, the disallowance of brokerage expenses is deleted - AT

View Source

← Previous Next →

Exemption u/s 10(38) - bogus LTCG on purchase and sale of shares ...

Taxpayer Wins: LTCG Exemption on Shares Upheld, Brokerage Disallowance Removed u/s 10(38) of Income Tax Act.

October 31, 2023

Case Laws Income Tax AT

You may also like:

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 - 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...

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

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...

ITAT affirmed that insurance companies are eligible for exemptions under sections 10(38), 10(15), and 10(34) for profits from sale of shares/securities, interest on...

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...

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...

Claim of exemption u/s 10(38) on sale of share on capital gains earned on it - Conversion of stock in trade of shares into investment - benefit of exemption allowed - HC

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...

Addition u/s 68 - Bogus LTCG on sale of shares - all the documentary evidences have not been found to be non genuine and the source of sale consideration is well...

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 - 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 for alleged bogus Long Term Capital Gains due to off-market cash purchase of shares. The taxpayer's claim for deduction...

Long Term Capital Gain - denial exemption u/sec 10(38) - purchase and sale of shares and astronomical increase of share price of LD&PL which led to returns at 350%, in...

Exemption u/s. 10(38) of long term capital gain - genuineness of transaction in shares - transaction of sale of shares were real, genuine and for valuable consideration...

Quick Updates: