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2023 (1) TMI 31 - AT - Income TaxAddition u/s 68 - Bogus LTCG on shares - penny stock purchases - exemption u/s 10(38) denied - HELD THAT:- As relying on SUJATA AGARWAL [2022 (10) TMI 1142 - ITAT KOLKATA] and SWATI BAJAJ [2022 (6) TMI 670 - CALCUTTA HIGH COURT]the alleged long term capital gain has been earned by the assessees from dealing in penny stock companies and therefore, the transactions carried on are bogus in nature and thus, do not qualify for exemption u/s 10(38) of the Act. The finding of ld. CIT(A) in the instant two appeals needs no interference and the same is confirmed. - Decided against assessee.
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