Case Law Details
Case Name : ITO Vs Jasmine Jayantibhai Sanghavi (ITAT Ahmedabad)
Related Assessment Year : 2016-17
Courts :
All ITAT ITAT Ahmedabad
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ITO Vs Jasmine Jayantibhai Sanghavi (ITAT Ahmedabad)
Penny-Stock Allegation Fails—Capital Gain Supported by Demat & Bank Evidence-AO Ignored Complete Documentation; 69A/69C Additions Deleted in Full
Tribunal considered Revenue’s appeal against deletion of additions of ₹1,98,723 u/s 69A & ₹1,987 u/s 69C relating to alleged accommodation entry in the scrip of Nobel Polymers Ltd. AO treated the LTCG as bogus on the basis of investigation wing input & held that Assessee introduced unaccounted money as sale proceeds.
CIT(A) deleted the addition after noting that Assessee had sub...
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