Remove long-term capital gains tax exemption: BSE

Unscrupulous entities have also been using this tax benefit to launder money by dealing in shell company shares. In early August, the markets regulator had suspended trading in 331 suspected shell companies identified by the ministry of corporate affairs. BSE says the LTCG leeway opens the door for tax arbitrage and manipulation Read More …

Bogus Penny Stocks Capital Gains | Bombay High Court Judgment

This Tax Alert summarizes the ruling of the Nagpur Bench of Bombay High Court (HC) in the case of Smt. Shantidevi Bimalchand Jain (Taxpayer) v. ITO [ITA No. 18/2017; Order dated 10 April 2017] wherein the HC upheld the denial of the long-term capital gains exemption for the sale of a listed company’s shares through a stock exchange in view of the Taxpayer’s inability to justify the genuineness of the transactions Read More …