LTCG Claim in NYSSA Stock Is Bogus, Calcutta HC Upholds ₹9.16 Lakh Addition

PCIT Vs Reena Jain (Calcutta High Court)

Calcutta High Court has set aside an order by the Income Tax Appellate Tribunal (ITAT), Kolkata, restoring the reassessment proceedings against Ms. Reena Jain concerning an addition of Rs. 9,16,444/- on account of alleged bogus long-term capital gains (LTCG). The High Court found that the Tribunal erroneously concluded the Assessing Officer (AO) had not applied proper mind during the reassessment, overlooking crucial evidence and the AO’s own satisfaction in identifying a larger tax evasion scam involving penny stocks.

The appea

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