SC Upholds LTCG Addition as Extraordinary Penny Stock Gains Defied Business Logic

Suman Poddar Vs ITO (Supreme Court of India) The case concerned an assessee who claimed exemption under Section 10(38) of the Income-tax Act on Long-Term Capital Gains (LTCG) of ₹73.77 lakh arising from the sale of shares of Smartchamps IT and Infra Ltd., which later merged with Cressanda Solutions Ltd. The assessee had declared total income of ₹4.96 lakh for Assessment Year 2014-15 and claimed that the gains were genuine share-market transactions supported by documentary evidence such as DMAT records, contract notes, and cheque payments. Also Read Delhi HC Judgment in this case: Delhi HC...