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Penny Stock Addition Deleted for Lack of Specific Evidence
Case Law Details
- Case Name
- ACIT Vs Mihir Selvadia (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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ACIT Vs Mihir Selvadia (ITAT Mumbai)
Penny Stock Tag Can’t Trump Documentary Evidence: ITAT Mumbai Deletes Section 68 & 69C Additions Where Share Profits Taxed as Business Income
The Mumbai ITAT “C” Bench allowed the Assessee’s appeal and dismissed the Revenue’s appeal in the case of Mihir Selvadia (Legal Heir of Late Shri Pravin Mohanlal Selvadia) vs ACIT for AY 2015-16, holding that profits from sale of shares of EINS Edutech Ltd. (alleged penny stock) offered as business income could not be treated as bogus u/s 68 merely on the basis of general investigation reports and hu...
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