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Addition u/s sec. 69A justified for bogus LTCG from penny stocks
Case Law Details
- Case Name
- Pooja Ajmani Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Delhi
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Pooja Ajmani Vs ITO (ITAT Delhi)
Conclusion: Assessee was not entitled to claim long term capital gain as exempt u/s 10(38) and the same was deemed to be income under section 69A as it was revealed that purchase and sale of shares were arranged transactions by assessee to create bogus profit in the garb of tax exempt long term capital gain by well organised network of entry providers with the sole motive to sell such entries to enable the beneficiary to account for the undisclosed income for a consideration or commission.
Held: AO after a detailed analysis of the investigation...
