Profit Size Doesn’t prove Company Authenticity or Transactions in Penny Stock Cases

Brajesh Narnolia Vs ITO (ITAT Kolkata)

Introduction: In a recent judgment dated January 17, 2024, the Income Tax Appellate Tribunal (ITAT) Kolkata, in the case of Brajesh Narnolia Vs ITO, delved into the intricate aspects of long-term capital gains (LTCG) and the genuine nature of companies involved in penny stock transactions. This ruling brings to light the critical understanding that the genuineness of a company and the transactions involving its shares cannot solely be determined based on the magnitude o

Please become a Premium member. If you are already a Premium member, login here to access the full content.