ITAT New Delhi Upholds Long-Term Capital Gains Exemption Under Section 10(38) in Penny Stock Allegation Case

In a recent ruling, the Income Tax Appellate Tribunal (ITAT) in New Delhi examined a case involving the exemption of Long-Term Capital Gains (LTCG) under Section 10(38) of the Income Tax Act, 1961. The case revolved around a taxpayer who claimed exemptions for LTCG from the sale of shares in a company. However, the Income Tax Department raised doubts about the genuineness of the transaction, suspecting it to be part…