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27/10/20266 min read1
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Bogus LTCG Addition of Rs. 1.49 Crore on Penny Stock: ITAT Upholds CIT(A) Decision
Update / Judgement Date
06 Feb 2024
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Team — WCP Legal Desk
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1 min read
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Income TaxStock Market
The ITAT upheld the CIT(A)'s decision on a bogus long-term capital gains (LTCG) addition of Rs. crore on penny stocks. The case involved allegations of tax evasion through manipulated stock transactions. The ITAT's decision reinforces the importance of genuine transactions and compliance with tax laws. The ruling highlights the consequences of engaging in fraudulent activities to evade taxes. This case serves as a warning to taxpayers to avoid such practices and adhere to legal and ethical standards.
