LTCG from Penny Stock: ITAT upholds addition as Income from other Source

Smt. R. Shobha Lodha Vs ITO (ITAT Chennai)

In the case of Smt. R. Shobha Lodha vs. ITO (ITAT Chennai), the issue revolves around the assessment of Long Term Capital Gain (LTCG) arising from the purchase and sale of shares, particularly focusing on the applicability of Section 68 of the Income Tax Act, 1961. The appeal arises from the order of the Commissioner of Income-Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, dated 24.03.2023, concerning the assessment year 2016-17, framed by the Income Tax Officer, Non-Corporate Ward 9(1), Chennai.

The crux of the matte

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