ITAT Mumbai Rejects LTCG Exemption Claim on Penny Stocks

Smt. Chitra Avdhesh Mehta Vs ITO (ITAT Mumbai)

The case before the Income Tax Appellate Tribunal (ITAT) Mumbai in Smt. Chitra Avdhesh Mehta vs. ITO concerned the tax treatment of long-term capital gains (LTCG) claimed as exempt under Section 10(38) of the Income Tax Act, 1961, arising from the sale of shares alleged to be “penny stocks.”

Background
The assessee, an individual, filed

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