HC upholds ITAT decision deleting addition of LTCG on penny stock

PCIT Vs Ziauddin A Siddique (Bombay High Court)

In a recent judgment, the Bombay High Court upheld the decision of the Income Tax Appellate Tribunal (ITAT) regarding the treatment of Long-Term Capital Gains (LTCG) arising from penny stock transactions. The case, PCIT Vs Ziauddin A Siddique, involved a dispute over the addition of LTCG amounting to Rs.

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