Penny Stock Case: ITAT Orders Fresh Hearing for Improper Admission of Evidence

ITO Vs Deepak Govindbhai Gangani (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, in ITO vs. Deepak Govindbhai Gangani addressed the Revenue’s appeal against the order dated 3 September 2024 of the National Faceless Appeal Centre (NFAC), Delhi, which had allowed the assessee’s appeal for Assessment Year 2011–12. The original assessment, passed under Section 144 read with Section 147 of the Income Tax Act, 1961, had added ₹82,44,116 to the assessee’s income under Section 69 on account of unexplained investment in penny stock transactions involving Aarya Global Shares an...