https://www.taxtmi.com/caselaws?id=458140 ITAT Ahmedabad reversed CIT(A)'s deletion of bogus LTCG disallowance under section 10(38) involving penny stock shares. The assessee purchased 55,000 shares of a company but provided complete details for only 5,000 shares despite phenomenal price fluctuations and SEBI investigation. CIT(A) erroneously relied solely on banking channel payments and lack of relationship with the company without considering incomplete documentation and suspicious price movements. ITAT held that case law precedents apply only when assessee provides foolproof evidence of genuine transactions without collusion, which was absent here. en-us Wed, 08 Feb 2023 00:00:00 +0530 Wed, 09 Oct 2024 20:01:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458140 ITAT Ahmedabad reversed CIT(A)'s deletion of bogus LTCG disallowance under section 10(38) involving penny stock shares. The assessee purchased 55,000 shares of a company but provided complete details for only 5,000 shares despite phenomenal price fluctuations and SEBI investigation. CIT(A) erroneously relied solely on banking channel payments and lack of relationship with the company without considering incomplete documentation and suspicious price movements. ITAT held that case law precedents apply only when assessee provides foolproof evidence of genuine transactions without collusion, which was absent here. Case-Laws Income Tax Wed, 08 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458140