https://www.taxtmi.com/caselaws?id=443494 The Tribunal upheld the Assessing Officer's addition under Section 68 of the Income Tax Act, deeming the long-term capital gain claim on the sale of shares as bogus due to lack of justification for the steep increase in share price of a penny stock company. Relying on a High Court judgment, the Tribunal dismissed the appeal, emphasizing the failure to provide evidence disproving manipulation or proving the genuineness of the transaction. The LTCG exemption claim was rejected, aligning with the High Court precedent on similar cases. en-us Thu, 21 Sep 2023 00:00:00 +0530 Sat, 23 Sep 2023 10:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443494 The Tribunal upheld the Assessing Officer's addition under Section 68 of the Income Tax Act, deeming the long-term capital gain claim on the sale of shares as bogus due to lack of justification for the steep increase in share price of a penny stock company. Relying on a High Court judgment, the Tribunal dismissed the appeal, emphasizing the failure to provide evidence disproving manipulation or proving the genuineness of the transaction. The LTCG exemption claim was rejected, aligning with the High Court precedent on similar cases. Case-Laws Income Tax Thu, 21 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443494