ITAT Deletes Penny Stock Addition as Shares Were Purchased in Earlier Assessment Year

Babita Chelawat Vs DCIT/ACIT (ITAT Indore) The appeal before the Income Tax Appellate Tribunal (ITAT), Indore, was filed by the assessee against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2012–13, confirming an addition of ₹2,30,806 as unaccounted income arising from alleged unexplained investment in shares. The assessment was originally completed under Sections 143(3) read with 147, wherein the Assessing Officer (AO) made the addition based on information that the assessee had engaged in transactions involving shares of M/s Alpha Graphics, treated as suspici...