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    Income Tax

    Bogus long-term capital gains (LTCG) arising from sale of shares...

    Long-term capital gains from penny stock sales deemed bogus by Assessing Officer, added as unexplained cash credit u/s 68.

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    Income TaxOctober 19, 2022Case LawsAT

    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, sale of which falls under the category of penny stocks and the same were treated as bogus which were added in the total income by treating it as unexplained cash credit u/s. 68 of the Act. - Additions confirmed - AT

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