https://www.taxtmi.com/caselaws?id=470100 Addition for alleged bogus long-term capital gain on sale of shares was deleted because the scrip was not among the penny stocks relied on in assessment. Contract notes and audited financial statements evidenced the share purchase and sale, while sale proceeds were recorded in the profit and loss account. The resulting profit was offered to tax at the maximum marginal rate, with no exemption claimed for long-term capital gain. The article notes that deletion of the addition was upheld in favour of the assessee. 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 Addition for alleged bogus long-term capital gain on sale of shares was deleted because the scrip was not among the penny stocks relied on in assessment. Contract notes and audited financial statements evidenced the share purchase and sale, while sale proceeds were recorded in the profit and loss account. The resulting profit was offered to tax at the maximum marginal rate, with no exemption claimed for long-term capital gain. The article notes that deletion of the addition was upheld in favour of the assessee. Case-Laws Income Tax Mon, 17 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470100