Penny Stock Addition Remanded Due to Ownership Dispute

Raju Bababhai Desai Vs ITO (ITAT Ahmedabad) Penny Stock & Accommodation Entry Addition of ₹9.16 Crore Remanded — ITAT Directs Verification Whether Income Already Taxed in Entry Operator’s Hands Ahmedabad Bench of the ITAT condoned the delay and dealt with an appeal arising from an ex-parte assessment under section 144, wherein a massive addition of ₹9.16 crore was made under section 68 on account of alleged penny stock transactions and accommodation entries routed through Tamil Nadu Mercantile Bank. The assessee contended that he was merely a conduit and that the entire bank transa...