Bogus LTCG on Penny Stock: ITAT Ahmedabad Upholds Addition

Gitaben Dineshbhai Patel Vs ITO (ITAT Ahmedabad)

ITAT Ahmedabad Upholds Addition on Penny Stock Gains — Reopening Valid & LTCG Held Bogus u/s 68

Assessee filed an appeal against the order of CIT(A), NFAC, confirming addition of ₹93,92,789/- u/s 68. The addition represented Long-Term Capital Gain (LTCG) on sale of shares of Kushal Tradelink Ltd., claimed exempt u/s 10(38). AO, based on information from the Investigation Wing & SEBI findings, held that the company was a penny stock used for providing accomm

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