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Penny Stock Allegation Fails – ITAT Delhi upholds Exemption on LTCG
Case Law Details
- Case Name
- DCIT Vs Sanjeev Agrawal HUF (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18 & 2018-19
- Courts
- All ITAT, ITAT Delhi
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DCIT Vs Sanjeev Agrawal HUF (ITAT Delhi)
Penny Stock Allegation Fails – ITAT Delhi upholds Exemption on LTCG Revenue’s appeals arose from reassessment orders u/s 147 r.w.s. 143(3) wherein AO treated Long Term Capital Gain (LTCG) of ₹1.25 crore earned by Sanjeev Agrawal HUF on sale of 3.63 lakh shares of Capital Trade Link Ltd. as bogus accommodation entry, denying exemption u/s 10(38) & making further addition of unexplained commission u/s 69C.
Assessee demonstrated that shares were purchased through banking channels, dematerialised in DMAT, & subsequently sold through registered...
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