ITAT Pune Allows LTCG Exemption After SEBI Revokes Penny Stock Findings

Dineshkumar Ramchandra Tulsyan (HUF) Vs ITO (ITAT Pune) Survey Admission Retracted Next Day – SEBI Clean Chit Sinks Revenue Case: LTCG on Shares Restored Pune Tribunal considered additions made by AO by treating LTCG from sale of shares of Mishka Finance & Trading Ltd as bogus & denying exemption u/s 10(38). AO relied on survey statement recorded at 3.30 AM on 02.09.2015, Investigation Wing Kolkata reports on penny-stock accommodation entries, statements of operators, SEBI’s 2015 interim order & alleged abnormal price rise. AO assessed the sale consideration as unexplained ...