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Penny Stock LTCG Addition Deleted – Investigation Report Alone Not Sufficient Without Direct Evidence: ITAT Mumbai
Case Law Details
- Case Name
- Rasila Lalitkumar Cholera Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Mumbai
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Rasila Lalitkumar Cholera Vs ITO (ITAT Mumbai)
Penny Stock LTCG Addition Deleted – Mere Investigation Report Insufficient Without Direct Evidence Against Assessee – ITAT Mumbai
The assessee challenged additions made in reassessment proceedings relating to alleged bogus long-term capital gain from shares of SVC Resources Ltd., which the AO treated as penny stock accommodation entries. The AO taxed the entire sale proceeds of ₹6.15 lakh u/s 68 and also added ₹12,309 as unexplained expenditure u/s 69C alleging commission payment to entry operators.
Before ITAT, the assessee demonstrated t...
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