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Addition towards bogus LTCG not sustained as genuineness of transaction proved
Case Law Details
- Case Name
- PCIT Vs Sanjaykumar Damjibhai Gangani (Gujarat High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All High Courts, Gujarat High Court
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PCIT Vs Sanjaykumar Damjibhai Gangani (Gujarat High Court)
Gujarat High Court held that addition under section 68 of the Income Tax Act towards bogus Long Term Capital Gains [LTCG] from sale of penny stock cannot be sustained since genuineness of the stock proved with evidence. Accordingly, appeal of revenue dismissed.
Facts- The present petition has been filed by the petitioner mainly contesting that ITAT was not justified in deleting the addition of bogus long term capital gain claimed as exempted u/s 10(38) of the Act of Rs.46,96,881/- made by the Assessing Officer arising out of sale of sh...
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