No Evidence of Penny Stock Exemption Claim, Calcutta HC Quashed Reassessment

PCIT Vs Nikunj Dhanuka (Calcutta High Court) The Calcutta High Court dismissed an appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961 against an order of the Income Tax Appellate Tribunal for the assessment year 2012-13. The Revenue contended that the Tribunal had erred in deleting additions made under Sections 68 and 69C of the Act relating to alleged bogus long-term capital gains from penny stock transactions involving the scrip of VMS Industries Ltd. The Revenue also questioned the Tribunal’s decision regarding exemption claimed under Section 10(38) and alleged ...