ITAT deletes Section 68 addition for LTCG from penny stock

Uttam M Jain Vs Addl./Joint/Deputy/ACIT/ITO/National E-Assessment Centre (ITAT Mumbai)

The Income Tax Appellate Tribunal (ITAT) Mumbai recently issued a landmark order in the case of Uttam M Jain vs. ACIT, wherein it overturned the additions made by the Assessing Officer (AO) related to alleged bogus long-term capital gains (LTCG) from penny stocks. The appeal was filed against the order dated 10/05/2023 passed by the National Faceless Appeal Centre (NFAC) Delhi.

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