Long Term Capital Gain from Sale of Shares of Bogus Company: ITAT upholds Disallowance u/s 68 [Read Order]

Long Term Capital Gain - sale of Shares - bogus Company - ITAT - Disallowance - Taxscan

While upholding the disallowance u/s 68 of the Income Tax Act, the Mumbai Bench of the Income Tax Appellate Tribunal has held that long-term capital gain from the sale of shares of the bogus company. The appellant, Zeeshan Azizmohmed Shaikh is an individual and is engaged in the business of trading in paper and filed…

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