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Bogus capital gains: LTCG on sale of shares via recognised stock exchange
Case Law Details
- Case Name
- Rajesh Singhvi and Sons (HUF) Vs ITO (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-2015
- Courts
- All ITAT, ITAT Chennai
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Rajesh Singhvi and Sons (HUF) Vs ITO (ITAT Chennai)
Claim of the assessee for exemption u/s.10(38) of the Act, on alleged long term capital gains arising on sale of shares of M/s.Cresanda Commercial Solutions Ltd and M/s. Surabhi Chem & Investment Ltd were disallowed by the ld. Assessing Officer considering these to be penny stock companies and alleging assessee’s failure to bring evidence with regard to the genuineness of the transactions. It is not disputed by the ld. Departmental Representative that Revenue had relied on statements recorded during a survey u/s.13...
