| COURT: | ITAT Chennai |
| CORAM: | A. Mohan Alankamony (AM), Joginder Singh (JM) |
| SECTION(S): | 45, 48 |
| GENRE: | Domestic Tax |
| CATCH WORDS: | bogus capital gains, Penny Stocks |
| COUNSEL: | N. Vijay Kumar |
| DATE: | December 6, 2018 (Date of pronouncement) |
| DATE: | February 2, 2019 (Date of publication) |
| AY: | 2014-15 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| Bogus Capital Gains From Penny Stocks: Plea that opportunity to cross-examine the witness was not given & investigation report was not furnished is not relevant if assessee unable to successfully controvert findings of the AO and such argument was never made before the lower authorities | |
The company in which the assessees had purchased the equity shares had no creditability and no prudent investor would make such investment. The motive of the price manipulation is only to bring out their black money as legitimately earned Long Term Capital Gain for which exemption U/s.10(38) of the Act is available
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