Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
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06/09/20264 min read
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Deletion of Addition Linked to Alleged Bogus Penny Stock Company's LTCG Claim: MP HC dismisses Appeal of Income Tax Dept [Read Order]
Income TaxStock Market
The Madhya Pradesh High Court dismissed the Income Tax Department's appeal regarding the deletion of an addition linked to alleged long-term capital gains (LTCG) from a purported bogus penny stock company. Filed under Section 260A of the Income Tax Act, the appeal contested an ITAT Indore order for the Assessment Year 2014-15.
The court deliberated on whether the ITAT was justified in deleting the Rs. 17,78,822 addition despite findings by the Investigation Wing regarding M/s Life Line Drugs & Pharma Ltd. as a bogus company for LTCG claims under Section 10(38).
Similarly, the Delhi High Court dismissed a related appeal, affirming prior rulings on similar issues, as of April 30, 2024.
