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SC Allowed LTCG Exemption as Revenue Failed to Prove Penny Stock Manipulation
Case Law Details
- Case Name
- PCIT Vs Sanjaykumar Damjibhai Gangani (Supreme Court of India)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Supreme Court of India
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PCIT Vs Sanjaykumar Damjibhai Gangani (Supreme Court of India)
Supreme Court Dismisses Revenue Appeal Due to Lack of Evidence of Bogus LTCG; No Addition Under Section 68 Without Direct Proof of Accommodation Entries; Penny Stock Allegation Rejected as Share Transactions Were Through Banking Channels; Bogus LTCG Addition Deleted as SEBI Did Not Identify Scrip as Rigged.
Read also HC Judgment in thie case:- PCIT Vs Sanjaykumar Damjibhai Gangani (Gujarat High Court)
In this case, the Revenue challenged the order of the Income Tax Appellate Tribunal (ITAT), Surat Bench, wh...
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