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Income Tax - Highlights / Catch Notes

Home Highlights February 2024 Year 2024 This

Addition u/s 68 - bogus LTCG - penny stock transaction - The ...

Income Tax

February 19, 2024

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 evidence linking the assessee to any manipulative activities. Citing various judicial precedents, including decisions where similar transactions were deemed genuine, the ITAT allowed the assessee's claim of LTCG exemption under section 10(38).

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