https://www.taxtmi.com/caselaws?id=460940 Gujarat HC upheld ITAT's decision deleting addition made by AO for alleged bogus Long Term Capital Gain from penny stock sale. Assessee held shares for seven years, distinguishing case from typical accommodation entries made within short periods. ITAT found investment was genuine and longstanding, not fraudulent manipulation. AO and CIT(A) incorrectly ignored holding period facts. HC found no error in ITAT's factual findings that gain was legitimate, dismissing appeal with no substantial question of law. en-us Thu, 07 Dec 2023 00:00:00 +0530 Mon, 03 Mar 2025 14:38:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460940 Gujarat HC upheld ITAT's decision deleting addition made by AO for alleged bogus Long Term Capital Gain from penny stock sale. Assessee held shares for seven years, distinguishing case from typical accommodation entries made within short periods. ITAT found investment was genuine and longstanding, not fraudulent manipulation. AO and CIT(A) incorrectly ignored holding period facts. HC found no error in ITAT's factual findings that gain was legitimate, dismissing appeal with no substantial question of law. Case-Laws Income Tax Thu, 07 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460940