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Penny Stock LTCG Allegation Rejected as Revenue Produced No Assessee-Specific Evidence
Case Law Details
- Case Name
- Sacchanand Hiralal Lalwani Vs ACIT (ITAT Nagpur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Nagpur
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Sacchanand Hiralal Lalwani Vs ACIT (ITAT Nagpur)
Section 68 Addition Deleted Because AO Failed to Disprove Documented Share Transactions; LTCG Exemption Allowed Because Investigation Report Alone Could Not Prove Bogus Transactions; No Section 68 Addition Because Assessee Produced Complete Documentary Evidence; Capital Gains Exemption Restored Because No Evidence Linked Assessee to Price Manipulation; Section 10(38) Relief Granted Because Natural Justice Was Not Followed; Section 68 Addition Set Aside Because Sale Through Recognised Broker Was Properly Documented; LTCG Claim Up...
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