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Penny Stock Allegations Rejected: ₹1.25 Cr & ₹1.53 Lakh Additions Deleted
Case Law Details
- Case Name
- Krunal Ashokkumar Jethva Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Ahmedabad
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Krunal Ashokkumar Jethva Vs ITO (ITAT Ahmedabad)
Penny-Stock Allegation Fails—Speculative Intraday Trades Accepted; Additions of ₹1.25 Cr & ₹1.53 Lakh Deleted
The Assessee, an individual engaged in share trading, appealed against NFAC’s order dated 19.05.2025 sustaining additions of ₹1,25,79,787 and ₹1,53,633 u/s 68 on the allegation that he was a beneficiary of bogus LTCG accommodation entries in the scrip Frontline Business Solutions Pvt. Ltd. (Inanna Fashion & Trends Ltd.) through operators linked to Jignesh Shah & Sanjay Shah. The case originated from a search on th...
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