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Bogus Capital Gain

Latest Articles


Fetters on Principle of Natural Justice in Penny Stock Cases

Income Tax : Introduction: The assessee has been taking a common argument against the addition on account of penny stock. The said argument rev...

August 16, 2020 4047 Views 2 comments Print

Judgments in Favour of Revenue in Penny Stock Cases

Income Tax : The provision for exemption of long term capital gains from shares requiring payment of securities transaction tax has been taken ...

December 10, 2019 20745 Views 1 comment Print

Human Probability Scores over Evidence

Income Tax : It is a very well-known fact that High court only entertains question of law and Income tax Appellate Tribunal (ITAT) is the last ...

May 13, 2019 5862 Views 0 comment Print


Latest Judiciary


Shares Sale/Purchase Not a Colourable Transaction Based on Mere Suspicion

Income Tax : Read the detailed analysis of ITAT Calcutta decision in CIT vs. Lakshmangarh Estate & Trading Co Ltd regarding disallowance of cap...

July 18, 2024 519 Views 0 comment Print

Loss of penny stock: Section 263 revision not valid if twin conditions not fulfilled

Income Tax : Explore the Calcutta High Court judgment in PCIT Vs Kaushalya Dealers Pvt Ltd under Income Tax Act 1961, focusing on Section 263 j...

June 27, 2024 225 Views 0 comment Print

Alleged Bogus LTCG: AO’s Non-Addition Not Automatically makes order Erroneous

Income Tax : ITAT Jaipur rules that AO's non-addition of bogus LTCG does not make the order automatically erroneous. Detailed analysis of Vipul...

June 25, 2024 360 Views 0 comment Print

Rajasthan HC upheld deletion of Addition of LTCG on Sale of Share of Kappac Pharma

Income Tax : Rajasthan HC dismisses Income Tax Dept's appeal, upholds ITAT decision deleting additions on capital gain from share sale. Read th...

June 25, 2024 300 Views 0 comment Print

MP HC Dismisses IT Dept’s Appeal on Bogus LTCG  on penny stock script

Income Tax : MP High Court dismisses the Income Tax Dept's appeal against Gopal Tayal, upholding ITAT's decision on alleged bogus penny stock L...

June 15, 2024 771 Views 0 comment Print


Latest Posts in Bogus Capital Gain

Shares Sale/Purchase Not a Colourable Transaction Based on Mere Suspicion

July 18, 2024 519 Views 0 comment Print

Read the detailed analysis of ITAT Calcutta decision in CIT vs. Lakshmangarh Estate & Trading Co Ltd regarding disallowance of capital losses on share transactions.

Loss of penny stock: Section 263 revision not valid if twin conditions not fulfilled

June 27, 2024 225 Views 0 comment Print

Explore the Calcutta High Court judgment in PCIT Vs Kaushalya Dealers Pvt Ltd under Income Tax Act 1961, focusing on Section 263 jurisdictional issues and assessment validity.

Alleged Bogus LTCG: AO’s Non-Addition Not Automatically makes order Erroneous

June 25, 2024 360 Views 0 comment Print

ITAT Jaipur rules that AO’s non-addition of bogus LTCG does not make the order automatically erroneous. Detailed analysis of Vipul Kumar Modi vs PCIT case.

Rajasthan HC upheld deletion of Addition of LTCG on Sale of Share of Kappac Pharma

June 25, 2024 300 Views 0 comment Print

Rajasthan HC dismisses Income Tax Dept’s appeal, upholds ITAT decision deleting additions on capital gain from share sale. Read the full judgment here.

MP HC Dismisses IT Dept’s Appeal on Bogus LTCG  on penny stock script

June 15, 2024 771 Views 0 comment Print

MP High Court dismisses the Income Tax Dept’s appeal against Gopal Tayal, upholding ITAT’s decision on alleged bogus penny stock LTCG claim. Read full judgment.

Sale of penny stocks: High Court Affirms Section 263 Order

June 14, 2024 597 Views 0 comment Print

Dive into the detailed analysis of the Calcutta High Court judgment in PCIT Vs Bina Gupta, addressing substantial questions of law regarding income tax implications on Long Term Capital Gain from penny stock sales.

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

June 4, 2024 486 Views 0 comment Print

ITAT Chennai upholds addition on LTCG arising from purchase and sale of shares due to failure to produce documents. Read the full analysis of the case.

Capital Gains from CCL International Shares is genuine: ITAT Delhi

May 12, 2024 348 Views 0 comment Print

Read the detailed analysis of ITAT Delhi’s order regarding capital gains earned from the sale of CCL International shares. ITAT deemed the gains genuine, deleting the addition under section 69 of the Income Tax Act.

ITAT Mumbai taxed LTCG from Penny Stock ‘Essar (India) Ltd’

May 6, 2024 945 Views 0 comment Print

Shanno Mohammed Yusuf Warsi Vs ITO (ITAT Mumbai) The case of Shanno Mohammed Yusuf Warsi Vs Income Tax Officer (ITO) at the Income Tax Appellate Tribunal (ITAT) Mumbai revolves around the taxation of long-term capital gains (LTCG) from penny stock transactions, specifically involving shares of Essar (India) Ltd. The central question is whether the assessee […]

ITAT deletes LTCG Addition from Penny stock for Lack of Concrete Evidence

March 19, 2024 1236 Views 0 comment Print

Chirag Tejprakash Dangi successfully challenged the Income Tax Office’s (ITO) addition of Rs. 1.51 crore related to sale of alleged penny stocks. Learn why the assessee prevailed.

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