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Delhi ITAT Deletes Penny Stock Addition Over Lack of Inquiry & Cross-Examination
Case Law Details
- Case Name
- ITO Vs Arti Arora (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Delhi
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ITO Vs Arti Arora (ITAT Delhi)
Delhi ITAT Tears Apart “Penny Stock” Addition: No Cross-Examination, No Inquiry, No 69A Addition on Mere Investigation Reports
In a major relief in an alleged penny stock case, the Delhi ITAT upheld deletion of an addition of ₹1.56 crore made u/s 69A towards alleged bogus Long Term Capital Gain arising from sale of shares of Life Line Drugs & Pharma Ltd. (LDPL). The Assessing Officer had reopened the assessment alleging that the exempt LTCG claimed u/s 10(38) was accommodation entry income routed through penny stock transactions.
The Tr...
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