https://www.taxtmi.com/caselaws?id=470100 Alleged bogus long-term capital gain from a share sale was not sustainable where the scrip did not appear in the penny-stock list relied on in assessment and contemporaneous contract notes and audited financial statements supported the purchase and sale. Sale proceeds were recorded in the profit and loss account, and the profit was offered to tax at the maximum marginal rate without claiming exemption for long-term capital gains. The addition was deleted and the deletion was upheld. en-us Mon, 17 Mar 2025 00:00:00 +0530 Wed, 15 Jul 2026 18:59:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470100 Alleged bogus long-term capital gain from a share sale was not sustainable where the scrip did not appear in the penny-stock list relied on in assessment and contemporaneous contract notes and audited financial statements supported the purchase and sale. Sale proceeds were recorded in the profit and loss account, and the profit was offered to tax at the maximum marginal rate without claiming exemption for long-term capital gains. The addition was deleted and the deletion was upheld. Case-Laws Income Tax Mon, 17 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470100