Bogus LTCG - exemption u/s 10(38) denied - The AO contended that ...

Case Laws Income Tax

April 6, 2024

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 provided substantial evidence, including contract notes and transaction statements, to support the genuine nature of the investment. Relying on established precedents and the evidence presented, the Tribunal upheld the assessee's claim, thus deleting the LTCG addition. Consequently, as the commission disallowance was contingent upon the LTCG addition, it was also revoked by the Tribunal.

View Source

← Previous Next →

Bogus LTCG - exemption u/s 10(38) denied - The AO contended that ...

Case Laws Income Tax

April 6, 2024

You may also like:

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

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...

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 - 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 - 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)...

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...

Bogus LTCG - exemption u/s 10(38) - penny stock transactions - when as per the AO’s own observation the source as well as source of source for receipt of sale...

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

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) on sale of shares denied - During the appellate proceedings, the assessee was not made available any such statement and even the right...

Exemption u/s 10(38) - LTCG - general insurance business - In the present assessment year the ld AO has himself allowed exemption u/s 10(15)(iv)(h) of the Act in regard...

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 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 - exemption claimed u/s 10(38) denied - No evidence of actual sale except the contract notes issued by the share broker were produced by the assessee. No...

Quick Updates: