LTCG Exemption Allowed as Documentary Evidence Outweighed Penny Stock Allegations

DCIT Vs Shikha Indrakumar Agrawal (ITAT Nagpur) The Nagpur Bench of the Income Tax Appellate Tribunal dismissed the Revenue’s appeal and upheld deletion of additions made under Sections 68 and 69C in respect of long-term capital gains claimed as exempt under Section 10(38) on sale of listed shares. The assessee had purchased 24,000 shares of GCM Securities Ltd. for ₹4.80 lakh, which were later sold through a registered stock broker on the stock exchange for ₹1.36 crore, resulting in long-term capital gains of ₹1.32 crore, claimed exempt under Section 10(38). The Assessing Officer treat...