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Penny Stock & Manipulated Transactions: ITAT denies LTCG Exemption Claim
Case Law Details
- Case Name
- Usha Chandresh Shah Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006-07
- Courts
- All ITAT, ITAT Mumbai
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Usha Chandresh Shah Vs ITO (ITAT Mumbai)
The Income Tax Appellate Tribunal (ITAT) Mumbai dismissed the appeal filed by Usha Chandresh Shah against the Commissioner of Income Tax (Appeals)’s order. The core issue was whether the sale proceeds of ₹7,53,061 from shares of “M/s Prime Capital Market Ltd” should be taxed as Long Term Capital Gains (LTCG), as claimed by the assessee, or as unexplained Cash Credits under Section 68 of the Income Tax Act, as assessed by the Assessing Officer (AO).
The assessee claimed to have purchased 2700 shares in an off-market transaction in May...
