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No Seized Material, No 153A Addition: ₹1.34 Cr Penny-Stock Addition Quashed
Case Law Details
- Case Name
- Ashish Shashikant Choksi Vs ACIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Mumbai
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Ashish Shashikant Choksi Vs ACIT (ITAT Mumbai)
No Seized Material, No 153A Addition- Search Yielded Nothing Against Assessees: Entire ₹1.34 Cr Penny-Stock Addition Quashed
These seven connected appeals arose from assessments framed u/s 153A after a search on 24.08.2018 in the Platinum Group, covering residential premises of the Assessees. All cases involved a common addition: treating entire sale consideration from sale of shares of PMC Fincorp Ltd (formerly Priti Mercantile Ltd) as unexplained credit u/s 68, based on DGIT (Inv) Lucknow reports, SEBI’s 26.02.2021 order &am...
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