https://www.taxtmi.com/caselaws?id=456127 The ITAT Mumbai allowed the assessee's appeal regarding LTCG exemption on sale of shares. The Revenue had made additions under Section 68 treating penny stock transactions as bogus, arguing the assessee was new to trading and earned improbable returns. The Tribunal found this factually incorrect, noting the assessee was SEBI-registered since 2007 with substantial genuine returns from other share sales accepted by Revenue. The Tribunal held no evidence linked the assessee to manipulation schemes, and SEBI's order didn't implicate all shareholders. The LTCG exemption under Section 10(38) was allowed for Sunrise Asian share sales. en-us Fri, 16 Jun 2023 00:00:00 +0530 Mon, 01 Jul 2024 20:03:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456127 The ITAT Mumbai allowed the assessee's appeal regarding LTCG exemption on sale of shares. The Revenue had made additions under Section 68 treating penny stock transactions as bogus, arguing the assessee was new to trading and earned improbable returns. The Tribunal found this factually incorrect, noting the assessee was SEBI-registered since 2007 with substantial genuine returns from other share sales accepted by Revenue. The Tribunal held no evidence linked the assessee to manipulation schemes, and SEBI's order didn't implicate all shareholders. The LTCG exemption under Section 10(38) was allowed for Sunrise Asian share sales. Case-Laws Income Tax Fri, 16 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456127