Mechanical Sanction Sinks SPLASH MEDIA Penny Stock LTCG Reassessment

The Income Tax Appellate Tribunal (ITAT) Delhi has set aside an assessment against Damyanti Mundhra and other assessees, ruling that the reassessment proceedings initiated by the Income Tax Officer (ITO) were invalid due to a procedural flaw. The core issue of the case involved the department’s allegation that the assessees had claimed bogus tax-exempt long-term capital gains (LTCG) from trading in shares of a

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