Case Law Details
Case Name : ITO Vs Prithvi Raj Kandoi (HUF) (ITAT Delhi)
Related Assessment Year : 2012-13
Courts :
All ITAT ITAT Delhi
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ITO Vs Prithvi Raj Kandoi (HUF) (ITAT Delhi)
AO reopened the assessment u/s 148 based on information from Investigation Wing & treated Rs.8,05,127/- (investment in Global Capital Markets Ltd.) as bogus u/s 68, further adding Rs.24,153/- u/s 69C as commission expenditure (3% of trade value). AO concluded that transactions were only accommodation entries for routing unaccounted money. CIT(A) deleted both additions.
Before Tribunal, Dept argued that these were sham penny stock transactions & CIT(A) erred in granting relief. Assessee countered that purchases were through recognized stock e...
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Sir,
thanks for sharing case law