https://www.taxtmi.com/highlights?id=89813 ITAT upheld disallowance of bogus long-term capital gains claimed by assessee on sale of penny stock shares. Investigation revealed assessee obtained accommodation entries through share broker who provided fictitious transactions. Tribunal found multiple discrepancies: assessee was not regular share investor, target company lacked sound financials justifying investment, astronomical gains occurred within short duration, family members engaged in similar bogus LTCG schemes, shares purchased off-market and dematerialized shortly before sale. Share certificate dated after shares appeared in assessee's account, indicating fictitious transactions. Applying Sumati Dayal precedent regarding preponderance of human probabilities, ITAT concluded asse..... en-us Thu, 26 Jun 2025 08:35:27 +0530 Thu, 26 Jun 2025 08:35:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=89813 ITAT upheld disallowance of bogus long-term capital gains claimed by assessee on sale of penny stock shares. Investigation revealed assessee obtained accommodation entries through share broker who provided fictitious transactions. Tribunal found multiple discrepancies: assessee was not regular share investor, target company lacked sound financials justifying investment, astronomical gains occurred within short duration, family members engaged in similar bogus LTCG schemes, shares purchased off-market and dematerialized shortly before sale. Share certificate dated after shares appeared in assessee's account, indicating fictitious transactions. Applying Sumati Dayal precedent regarding preponderance of human probabilities, ITAT concluded asse..... Highlights Income Tax Thu, 26 Jun 2025 08:35:27 +0530 https://www.taxtmi.com/highlights?id=89813