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No LTCG Claim, No Penny-Stock Benefit: ITAT Mumbai Deletes Addition & Allows Appeal
Case Law Details
- Case Name
- Mehul Hasukh Shah Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Mumbai
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Mehul Hasukh Shah Vs ITO (ITAT Mumbai)
Penny-Stock Allegation Collapses: ITAT Mumbai Deletes Addition as Mehul Shah Proves 1996 Purchase & Business-Income Treatment; Reopening Based on Incorrect LTCG Information Invalid; Long-Held Penny-Stock Shares Treated as Genuine — ITAT Mumbai Quashes Additions; Incorrect Bogus-LTCG Trigger Cannot Justify Reopening; Assessee Proved Genuine 1996 Shareholding
Assessee, Mehul Hasukh Shah, filed return for AY 2016-17 declaring ₹4,90,760. Reassessment was initiated u/s 147 on the sole allegation—based on Investigation Wing report—t...
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