Addition made u/s 68 - Bogus LTCG - unexplained cash credits - ...

Tribunal Confirms Disallowance of LTCG Claim, Cites Bogus Transactions and Misuse of Exemption for Penny Stocks.

May 15, 2024

Case Laws Income Tax AT

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 disallow the LTCG claimed by the assessee, emphasizing that the transactions lacked genuineness despite the documentation provided. The Tribunal concluded that the exemption claimed under Section 10(38) was a façade to conceal the true nature of the transactions, affirming the addition made by the AO.

View Source

← Previous Next →

Addition made u/s 68 - Bogus LTCG - unexplained cash credits - ...

Tribunal Confirms Disallowance of LTCG Claim, Cites Bogus Transactions and Misuse of Exemption for Penny Stocks.

May 15, 2024

Case Laws Income Tax AT

You may also like:

Appellate Tribunal examined disallowance of claim for futures and options (F&O) loss by Assessing Officer (AO) based on report alleging stock brokers manipulated...

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...

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...

Estimation of income - bogus purchases - quantification of profit - The Tribunal noted that during investigations, the alleged suppliers were identified as bogus...

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...

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...

Estimation of income - bogus purchases - The Tribunal considered the facts surrounding the alleged bogus purchases. Despite the inability of the assessee to establish...

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...

The assessee, a professional stock broker, claimed loss on trading of shares which was disallowed by the Assessing Officer (AO) on the grounds that the trades were not...

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...

ITAT ruled against disallowance of transportation expenses, finding the Assessing Officer failed to establish statutory grounds u/s 37 for rejection. The tribunal...

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 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,...

Addition u/s 68 r.w.s. 115BBE - Bogus LTCG - The Tribunal examined the transactions and found that the entire addition made by the Assessing Officer was based on...

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...

Quick Updates: