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Documentary Trail Wins- Suspicion Cannot Replace Evidence: Penny-Stock Addition Deleted
Case Law Details
- Case Name
- Hareshkumar Mafatlal Shah Vs ACIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Mumbai
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Hareshkumar Mafatlal Shah Vs ACIT (ITAT Mumbai)
Assessee had declared LTCG of ₹2,41,53,979 from sale of shares of Sunrise Asian Ltd (SAL) & Monarch Health Services Ltd (MHSL), acquired through proper banking channels, held in Demat, & sold on BSE with STT paid. AO treated entire gain as bogus penny-stock accommodation entry based on general investigation statements of one Vipul Bhatt & denied cross-examination. AO added LTCG u/s 68 & alleged commission of ₹9,66,159 u/s 69C. NFAC upheld additions.
Before Tribunal, Assessee relied on multiple binding preceden...
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