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HomeDirect TaxLTCG Addition Unsustainable in Absence of Direct Evidence Linking Assessee to Penny...

LTCG Addition Unsustainable in Absence of Direct Evidence Linking Assessee to Penny Stock Manipulation: ITAT

Direct Tax

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By Mariya Paliwala
LTCG Addition Unsustainable in Absence of Direct Evidence Linking Assessee to Penny Stock Manipulation: ITAT

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The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has delivered a significant ruling in favour of the assessee in a case concerning alleged bogus Long-Term Capital Gains (LTCG) arising from penny stock transactions.  The bench of  Vimal Kumar (Judicial Member) and S Rifaur Rahman (Accountant Member) has reiterated the settled legal position that suspicion, however…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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