LTCG Exemption allowed as Revenue Failed to Link Assessee to Penny Stock Manipulation

Yogesh P. Thakkar Vs DCIT (ITAT Mumbai) LTCG Exemption Allowed on Penny Stock Shares Because Revenue Failed to Rebut Documentary Evidence or Prove Transactions Were Bogus The Income Tax Appellate Tribunal (ITAT), Mumbai, allowed the appeals of the assessees and held that the exemption claimed under Section 10(38) of the Income-tax Act on Long-Term Capital Gains (LTCG) arising from the sale of shares could not be denied merely on the basis of investigation reports, suspicion, or allegations of penny stock manipulation, in the absence of evidence directly linking the assessees to any price-riggi...