Deletion of Addition Linked to Alleged Bogus Penny Stock Company’s LTCG Claim: MP HC dismisses Appeal of Income Tax Dept [Read Order]

The addition made under Section 68 of the Income Tax Act, 1961 by treating Long Term Capital Gain (LTCG) as bogus was unjustified and should be deleted.
madhya pradesh high court dismissal - long term capital gains - deletion of addition of alleged bogus penny stock company - taxscan

The Madhya Pradesh High Court has dismissed the appeal of the Income Tax Department with regards to the deletion of an addition linked to an alleged bogus penny stock company’s long-term capital gains ( LTCG ) claim. This appeal was filed by the appellant under Section 260A of the Income Tax Act, 1961 being aggrieved…

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