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2022 (12) TMI 781 - AT - Income TaxBogus LTCG - penny stock purchases - genuineness of the claim of exempt income under section 10(38) of the Act in respect of long-term capital gain arising from sale of equity shares - HELD THAT:- As respectfully following the decision of this Tribunal [2022 (10) TMI 728 - ITAT KOLKATA] as well as in the light of ratio laid down in the case of Swati Bajaj & Others [2022 (6) TMI 670 - CALCUTTA HIGH COURT] find no infirmity in the orders of the ld. CIT(Appeals) holding the alleged LTCG for sale of equity shares as bogus and not eligible to exemptions under section 10(38) of the Act and also confirming the addition of commission expenditure incurred for arranging bogus LTCG and dismiss the appeals of the assesses.
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