No addition of bogus LTCG on penny stocks if assessee proved genuineness of transactions

Ankita Vijay Vs ITO (ITAT Delhi)

Conclusion: Assessee’s claim for exemption under section 10(38) on long-term capital gain on sale of shares could not be held as bogus on the ground of information from  Investigation Wing in case assessee had filed evidences like transaction statement of stock broker, contract notes transactions statement of Demat acount, statement of account from brokers, and bank statement, etc., to prove genuineness of transactions of purchase and sale of shares.

Held:Please become a Premium member. If you are already a Premium member, login here to access the full content.