Penny Stock Share Transactions: Reassessment Quashed for Change of Opinion

K.A. Investments Consultancy LLP Vs ITO (ITAT Mumbai) The appeal before the Income Tax Appellate Tribunal (ITAT), Mumbai, arose from an order dated 2 September 2025 passed by the Commissioner of Income Tax (Appeals)-51, Mumbai, relating to Assessment Year 2013–14. The assessee challenged the validity of reassessment proceedings initiated under Section 147 of the Income Tax Act, 1961, along with additions made on merits, including disallowance of business loss, disallowance under Section 14A, and addition of alleged bogus commission. The assessee, a resident LLP engaged in share trading, mutu...