https://www.taxtmi.com/caselaws?id=449376 The ITAT Mumbai held that LTCG claimed on share transactions was genuine despite characteristics of penny stock trading. The assessee was a regular investor holding shares worth Rs. 26,23,89,205/- and properly purchased shares from open market, dematerialized and sold through stock exchange. While the revenue argued the transactions were suspicious due to huge profits and company financials not commensurate with market prices, no incriminating material was found during search linking the assessee to dubious transactions. SEBI reports contained no specific findings against the assessee. Following precedents in similar cases, the Tribunal ruled in favor of the assessee, allowing the LTCG exemption under section 10(38). en-us Thu, 25 Jan 2024 00:00:00 +0530 Fri, 09 Feb 2024 15:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449376 The ITAT Mumbai held that LTCG claimed on share transactions was genuine despite characteristics of penny stock trading. The assessee was a regular investor holding shares worth Rs. 26,23,89,205/- and properly purchased shares from open market, dematerialized and sold through stock exchange. While the revenue argued the transactions were suspicious due to huge profits and company financials not commensurate with market prices, no incriminating material was found during search linking the assessee to dubious transactions. SEBI reports contained no specific findings against the assessee. Following precedents in similar cases, the Tribunal ruled in favor of the assessee, allowing the LTCG exemption under section 10(38). Case-Laws Income Tax Thu, 25 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449376