ITAT Quashes ₹1 Cr Addition Under Section 148 on Penny Stock LTCG

ITO Vs Ankit Naresh Tulsian (ITAT Pune) Penny Stock Allegation Falls Flat – SEBI Final Report Saves the Day- Reopening on Same Facts = Change of Opinion: ITAT Quashes 148 & Deletes ₹1 Cr Addition Revenue appealed deletion of ₹1,00,08,500 added u/s 69A on the allegation that LTCG from sale of 2,00,000 shares of Mishkafin Finance & Trading Ltd. (MFTL) was bogus. AO relied on SEBI’s interim order alleging price rigging & treated the LTCG exempt u/s 10(38) as unexplained money taxable u/s 115BBE. CIT(A) examined extensive documents—contract notes, demat statements, bank e...