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Penny Stock Addition Remanded Due to Ownership Dispute
Case Law Details
- Case Name
- Raju Bababhai Desai Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Ahmedabad
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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...
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