Addition u/s 68 - bogus LTCG - penny stock transaction - The ...

Case Laws Income Tax

February 19, 2024

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 evidence linking the assessee to any manipulative activities. Citing various judicial precedents, including decisions where similar transactions were deemed genuine, the ITAT allowed the assessee's claim of LTCG exemption under section 10(38).

View Source

← Previous Next →

Addition u/s 68 - bogus LTCG - penny stock transaction - The ...

Case Laws Income Tax

February 19, 2024

You may also like:

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...

Addition u/s 68 - Bogus LTCG - penny stock purchases - list of beneficiaries submitted by the brokers/entry providers before the investigation wing substantiates that...

In this case, the Income Tax Appellate Tribunal (ITAT) examined the additions made by the Assessing Officer (AO) regarding long-term capital gains (LTCG) from share...

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,...

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...

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 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 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...

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...

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...

The Assessee, a regular investor in shares, made investments and sold a particular script when prices were high, resulting in Long Term Capital Gains (LTCG). The...

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...

Addition u/s 68 - LTCG on sale of penny stock - considering the vortex of evidences, the assessee has successfully discharged the onus cast upon him by provisions of...

Addition u/s 69 - bogus LTCG - Penny Stock purchases - Overall facts on record and the nature of transaction clearly indicate that this transaction basically falls under...

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...

Quick Updates: