https://www.taxtmi.com/caselaws?id=778209 ITAT CHANDIGARH - AT dismissed the appeal, upholding Revenue's denial of LTCG where transactions involved sham/penny-stock trades and price manipulation. The tribunal found circumstantial evidence of collusion and market rigging, weak corporate fundamentals inconsistent with high prices, and targeted investigations against operators and company insiders. Mandatory transactional documents-broker contract notes and detailed demat statements showing credit/debit of the shares-were absent from the record, undermining the genuineness of the transfers. On these facts, the assessee was not entitled to LTCG exemption. en-us Wed, 15 Jan 2025 00:00:00 +0530 Thu, 11 Sep 2025 11:27:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778209 ITAT CHANDIGARH - AT dismissed the appeal, upholding Revenue's denial of LTCG where transactions involved sham/penny-stock trades and price manipulation. The tribunal found circumstantial evidence of collusion and market rigging, weak corporate fundamentals inconsistent with high prices, and targeted investigations against operators and company insiders. Mandatory transactional documents-broker contract notes and detailed demat statements showing credit/debit of the shares-were absent from the record, undermining the genuineness of the transfers. On these facts, the assessee was not entitled to LTCG exemption. Case-Laws Income Tax Wed, 15 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778209