ITAT deletes ₹48.48 Lakh Penny Stock Investment Addition for lack of evidence

Mohamedistiyak Mohamediqbal Patel Vs ITO (ITAT Surat) In the case of Mohamedistiyak Mohamediqbal Patel Vs ITO (ITAT Surat), the Income Tax Appellate Tribunal (ITAT) has ruled in favor of the assessee, deleting an addition of Rs. 48.48 lakh for penny stock investment. The assessee had been accused of making unexplained investments in shares of M/s Comfort Fincap Ltd., a penny stock company, based on information provided by the Income Tax Investigation Wing, Kolkata. However, the ITAT found that there was insufficient evidence to support the claim and the addition made by the Assessing Officer (...