Revenue Appeal Revived as CBDT Circular Exception Extends Beyond Penny Stock Cases

PCIT Vs Vishwanath Singhal (Delhi High Court) The Revenue challenged an order of the Income Tax Appellate Tribunal (ITAT) that had dismissed its appeal concerning transactions undertaken by the assessee through brokers Karnam Securities Limited and Lifeline Securities Limited. According to the Assessing Officer, these brokers had arranged forged and bogus share transactions for the assessee, amounting to an organized tax evasion scheme involving shares of Eicher Motors Ltd. The Revenue contended that the Tribunal wrongly dismissed the appeal by merely observing that the shares involved were ...