LTCG EXEMPTION ALLOWED – appeals pending need to be pursued. If VSV declaration has been filed , possibilities can be explored for restoration of appeal if addition was made just on allegation of penny stock, bogus LTCG etc. by department.

LTCG EXEMPTION ALLOWED – appeals pending need to be pursued. If VSV declaration has been filed , possibilities can be explored for restoration of appeal if addition was made just on allegation of penny stock, bogus LTCG etc. by department. https://www.taxtmi.com/article/detailed?id=9996 Exemption for alleged bogus long-term capital gains (LTCG) may be sustained where transactions are supported by relevant documents; investigative reports alone do not justify additions and provide only a basis to initiate reassessment. Opportunity to cross-examine declarants relied upon by the department is necessary. Taxpayers with pending appeals and a filed VSV declaration should pursue appeals and may consider restoration by not paying under VSV, withdrawing the declaration, or seeking relief from the authority or High Court when additions rest solely on penny stock or bogus LTCG allegations. en-us Tue, 14 Sep 2021 11:20:43 +0530 Tue, 14 Sep 2021 11:20:43 +0530 TaxTMI RSS Generator LTCG EXEMPTION ALLOWED – appeals pending need to be pursued. If VSV declaration has been filed , possibilities can be explored for restoration of appeal if addition was made just on allegation of penny stock, bogus LTCG etc. by department. https://www.taxtmi.com/article/detailed?id=9996 Exemption for alleged bogus long-term capital gains (LTCG) may be sustained where transactions are supported by relevant documents; investigative reports alone do not justify additions and provide only a basis to initiate reassessment. Opportunity to cross-examine declarants relied upon by the department is necessary. Taxpayers with pending appeals and a filed VSV declaration should pursue appeals and may consider restoration by not paying under VSV, withdrawing the declaration, or seeking relief from the authority or High Court when additions rest solely on penny stock or bogus LTCG allegations. Articles Other Topics Tue, 14 Sep 2021 11:20:43 +0530 https://www.taxtmi.com/article/detailed?id=9996