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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).
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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TaxTMI 
TaxTMI 
