https://www.taxtmi.com/caselaws?id=770889 The ITAT Jaipur dismissed the assessee's appeal challenging denial of LTCG exemption under section 10(38) and addition under section 68. The assessee, with no prior investment history, purchased large quantities of shares for the first time and claimed substantial profits. The tribunal found the transactions suspicious as the assessee failed to substantiate them despite opportunities. The shares were identified as penny stocks used for bogus LTCG by Bombay Stock Exchange. Only contract notes were produced as evidence without proof of actual sale. The tribunal upheld the revenue's position, finding consistent factual findings against the assessee based on record evidence. en-us Wed, 30 Apr 2025 00:00:00 +0530 Sat, 17 May 2025 08:39:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770889 The ITAT Jaipur dismissed the assessee's appeal challenging denial of LTCG exemption under section 10(38) and addition under section 68. The assessee, with no prior investment history, purchased large quantities of shares for the first time and claimed substantial profits. The tribunal found the transactions suspicious as the assessee failed to substantiate them despite opportunities. The shares were identified as penny stocks used for bogus LTCG by Bombay Stock Exchange. Only contract notes were produced as evidence without proof of actual sale. The tribunal upheld the revenue's position, finding consistent factual findings against the assessee based on record evidence. Case-Laws Income Tax Wed, 30 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770889