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ITAT Mumbai Quashes Penny Stock LTCG Additions for Lack of Incriminating Material
Case Law Details
- Case Name
- Amit H. Patel (HUF) Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Mumbai
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Amit H. Patel (HUF) Vs DCIT (ITAT Mumbai)
The Income Tax Appellate Tribunal (ITAT) Mumbai allowed the appeals filed by Amit H. Patel (HUF) for Assessment Years 2010–11, 2011–12, 2013–14, and 2014–15, deleting additions made under Sections 68 and 69 of the Income-tax Act in respect of alleged bogus Long-Term Capital Gains (LTCG) from penny stocks and commission on accommodation entries.
Background
The assessee filed the return of income for AY 2010–11 on 6 September 2010, declaring ₹24,09,303. A search and seizure operation under Section 132 was conducted on 9 April 2015. On the dat...
