Delhi HC Upholds LTCG Addition on Extraordinary 4910% Returns from Penny Stock

Suman Poddar Vs ITO (Delhi High Court) The Delhi High Court dismissed the appeal filed by the assessee against the order of the Income Tax Appellate Tribunal (ITAT) for Assessment Year 2014-15 and upheld the concurrent findings of the Assessing Officer (AO), Commissioner of Income Tax (Appeals) [CIT(A)], and ITAT denying exemption under Section 10(38) of the Income-tax Act, 1961 in respect of Long-Term Capital Gains (LTCG) claimed from the sale of shares. The Court held that no substantial question of law arose since the dispute involved concurrent findings of fact supported by evidence on rec...