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Business Trading in Shares Cannot Be Taxed u/s 68 – Penny Stock Allegation Fails
Case Law Details
- Case Name
- ITO Vs Everfine Alloys Private Limited (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Mumbai
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ITO Vs Everfine Alloys Private Limited (ITAT Mumbai)
Assessees were engaged in trading of alloys, shares, derivatives & mutual funds. Their books consistently treated shares as inventory, with trading income offered as business income. Substantial trading turnover was reported – ₹809.59 crores (A.Y. 2013–14), ₹52.39 crores (A.Y. 2014–15) & ₹37.40 crores (A.Y. 2015–16).
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