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Selective Treatment of LTCG vs STCG Rejected: ₹53.24 Lakh Addition Deleted
Case Law Details
- Case Name
- Sterling Finvst Private Limited Vs DCIT (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Kolkata
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Sterling Finvst Private Limited Vs DCIT (ITAT Kolkata)
AO Cannot Treat LTCG as Bogus While Accepting STCG from the Same Shares—Whimsical Approach Struck Down; Entire ₹53.24 Lakh Addition Deleted –
The Assessee filed appeal against the NFAC order dated 24.11.2023 sustaining the addition of ₹53,24,681 u/s 68 by treating long-term capital gain (LTCG) earned on sale of shares of Midland Polymer Ltd as bogus penny-stock gain. The Assessee had sold 1,20,000 shares held for more than a year, declared LTCG of ₹53.24 lakh and claimed exemption u/s 10(38). In the same year, the Assessee also e...
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