Bogus LTCG – ITAT refuses to grant Stay of Demand

Shri Anoop Jain Vs ACIT (ITAT Delhi) The learned departmental representative vehemently objected to the stay petition and stated that assessee has obtained the bogus long-term capital gain in penny stock and therefore it does not deserve stay of demand. He further submitted that there are equal numbers of judicial precedent against the assessee and therefore the balance of convenience does not lie in favour of the assessee. We have carefully considered the rival contention and perused the issue involved on which the demand has arisen. We do not find that the issue on which the demand has arise...