https://www.taxtmi.com/caselaws?id=428383 The Court allowed the delay application for filing the appeal due to a substantial part of the delay being attributed to the lockdown period, following a Circular by the CBDT. It deliberated on the treatment of unexplained LTCG and suspicious transactions in shares under the Income Tax Act, questioning the genuineness of LTCG exemptions. The challenge against the deletion of additions related to undisclosed income from bogus capital gains in penny stocks was analyzed. The Court examined the Tribunal's direction to allow LTCG claims and scrutinized the genuineness of transactions and investigations by tax authorities and SEBI on the rise in share prices. Ultimately, the Court allowed the revenue's appeal based on the acceptance of transactions in penny stocks as genuine without delving into fraudulent practices. en-us Mon, 26 Sep 2022 00:00:00 +0530 Wed, 28 Sep 2022 15:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428383 The Court allowed the delay application for filing the appeal due to a substantial part of the delay being attributed to the lockdown period, following a Circular by the CBDT. It deliberated on the treatment of unexplained LTCG and suspicious transactions in shares under the Income Tax Act, questioning the genuineness of LTCG exemptions. The challenge against the deletion of additions related to undisclosed income from bogus capital gains in penny stocks was analyzed. The Court examined the Tribunal's direction to allow LTCG claims and scrutinized the genuineness of transactions and investigations by tax authorities and SEBI on the rise in share prices. Ultimately, the Court allowed the revenue's appeal based on the acceptance of transactions in penny stocks as genuine without delving into fraudulent practices. Case-Laws Income Tax Mon, 26 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428383