Case Law Details
ITO Vs Kamalesh Mohandas Lakhwani (ITAT Mumbai)
The Income Tax Appellate Tribunal (ITAT) Mumbai recently delivered a significant ruling in the case of ITO vs Kamalesh Mohandas Lakhwani. This case questioned the validity of additions under Section 69B of the Income Tax Act, based solely on suspicious information. Here, we offer a detailed subheading-wise analysis of the case, scrutinizing every aspect to give you a well-rounded understanding.
Detailed Analysis
Grounds for Appeal
The Revenue appealed against the order of the Commissioner of Income Tax (Appeals) which deleted an addition of Rs. 16,53,593 made under Section 69B of the Income Tax Act. This was in relation to shares traded by the assessee, Kamalesh Mohandas Lakhwani, in VAS Infrastructure Ltd, alleged to be a penny stock.
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