Selective Treatment of LTCG vs STCG Rejected: ₹53.24 Lakh Addition Deleted

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...