ITAT Ahmedabad Upholds Bogus LTCG Disallowance

Chimanbhai Chhaganbhai Vs ITO (ITAT Ahmedabad) Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, on June 23, 2025, largely upheld an order by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, regarding the assessment of Chimanbhai Chhaganbhai for the Assessment Year 2012-13. The Tribunal confirmed the disallowance of a Long Term Capital Gain (LTCG) exemption claimed from penny stock transactions but remitted a separate addition for unexplained cash credit back to the Assessing Officer (AO) for re-examination. The appeal, initially delayed by 36 days,...