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Addition U/s 69 for Penny Stock Investment Deleted – Explained Source Through Banking Channel Accepted – ITAT Mumbai
Case Law Details
- Case Name
- Rajendra P. Shah Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Mumbai
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Rajendra P. Shah Vs ITO (ITAT Mumbai)
Addition u/s 69 for Penny Stock Investment Deleted – Explained Source Through Banking Channel Accepted – ITAT Mumbai
The assessee challenged addition of ₹42.60 lakh made u/s 69 towards alleged unexplained investment in shares of Mind Vision Capital Ltd., which was treated by AO as suspicious penny stock transaction based on investigation wing inputs. The assessment was reopened u/s 147 and addition was made mainly on the ground that the assessee failed to furnish complete details of share transactions.
Before ITAT, the assessee demonstrated t...
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