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Additions towards penny stock based on concept of human probabilities not justified: ITAT Delhi
Case Law Details
- Case Name
- Jyoti Gupta Vs ACIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Delhi
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Jyoti Gupta Vs ACIT (ITAT Delhi)
ITAT Delhi held that additions under section 68 of the Income Tax Act towards penny stock merely on the basis of presumption and concept of human probabilities, without their being any material not justified. Accordingly, appeal allowed.
Facts- During assessment proceedings, AO observed that assessee has earned capital gain amounting to Rs.1,1 1,95,949/- from sale of shares of M/s. Trinity Tradelink Ltd. and M/s. CCL International Ltd. AO observed that assessee has earned windfall gains in both the scrips within a period of short span of time. The company has n...
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