This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Gujarat HC Deleted Penny Stock Addition Due to Lack of Adverse Evidence
Case Law Details
- Case Name
- PCIT Vs Neelu Mahansaria (Gujarat High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All High Courts, Gujarat High Court
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
PCIT Vs Neelu Mahansaria (Gujarat High Court)
The Gujarat High Court dismissed the Revenue’s tax appeal filed under Section 260A of the Income Tax Act, 1961, challenging an order of the Income Tax Appellate Tribunal, Surat, for Assessment Year 2015–16. The Assessing Officer had completed scrutiny assessment by making additions of ₹25.26 lakh under Section 68 as undisclosed income from sale of shares of Mishka Finance & Trading Ltd., treated as a penny stock, and ₹1.26 lakh under Section 69C as unexplained commission expenditure. The Tribunal deleted both additions, holding the shar...
Author Info
