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Income Tax - Highlights / Catch Notes

Home Highlights December 2023 Year 2023 This

Bogus LTCG - capital gains arising on sale of shares - We see ...

Income Tax

December 15, 2023

Bogus LTCG - capital gains arising on sale of shares - We see potency in the plea of the assessee that such capital gains arising on sale of shares cannot be regarded as sham profit and consequently, additions u/s 69A of the Act is not justified. AO has not provided anything on record to justify additions under section 69C of the Act either. The modus operandi spelt by itself is not a adequate ground to impeach the transactions. - AT

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