LTCG from Penny Stock Cannot Be Deemed Bogus without Substantiated Allegations

Ayushi Jain Vs ITO (ITAT Kolkata) In a significant ruling by the Income Tax Appellate Tribunal (ITAT) in Kolkata, the case of Ayushi Jain vs. Income Tax Officer (ITO) sheds light on the scrutiny of long-term capital gains (LTCG) and the treatment of investments deemed as bogus by tax authorities. This article delves into the intricate details of the case, the arguments presented by both parties, and the final verdict, providing valuable insights for taxpayers and professionals alike. Introduction; The appeal filed by Ayushi Jain against the order of the Commissioner of Income Tax (Appeals) â€...