CBDT Circular doesn’t Apply to Non-Penny Stock Share Transactions

DCIT Vs Krishan Kumar (ITAT Delhi) Introduction: The Income Tax Appellate Tribunal (ITAT) Delhi recently addressed an appeal filed by the Department against an order from the Commissioner of Income-Tax (Appeals) concerning a share transaction. The case pertains to the assessment year 2011-12. Detailed Analysis: The Department had contested the decision made by the Commissioner of Income-Tax (Appeals) in favor of the taxpayer, Mr. Krishan Kumar. The Department’s main grievance was related to the deletion of an addition of Rs. 58,17,415 made by the Assessing Officer. In the course of the p...