https://www.taxtmi.com/caselaws?id=311977 The HC upheld the Tribunal's decision allowing exemption u/s 10(38) for LTCG on penny stock sales. Despite revenue's contention of bogus LTCG based on assessee's group's admission during survey u/s 133A, the court found all statutory requirements satisfied: shares held over 12 months, sold on recognized stock exchange, and STT paid. The court ruled that admission without incriminating evidence cannot defeat exemption claims. Revenue failed to prove transactions were non-genuine or documents fabricated. CBDT Circular 23/2019 on penny stock LTCG was held inapplicable as it cannot operate retrospectively for AY 2013-14. No substantial question of law arose. en-us Tue, 10 Oct 2023 00:00:00 +0530 Wed, 24 Jan 2024 19:05:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311977 The HC upheld the Tribunal's decision allowing exemption u/s 10(38) for LTCG on penny stock sales. Despite revenue's contention of bogus LTCG based on assessee's group's admission during survey u/s 133A, the court found all statutory requirements satisfied: shares held over 12 months, sold on recognized stock exchange, and STT paid. The court ruled that admission without incriminating evidence cannot defeat exemption claims. Revenue failed to prove transactions were non-genuine or documents fabricated. CBDT Circular 23/2019 on penny stock LTCG was held inapplicable as it cannot operate retrospectively for AY 2013-14. No substantial question of law arose. Case-Laws Income Tax Tue, 10 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311977