5-Day Share Trade Cannot Automatically Become ‘Bogus Penny Stock’: ITAT Mumbai

Girija Shivanand Nichanaki Vs ITO (ITAT Mumbai) 5-Day Share Trade Cannot Automatically Become “Bogus Penny Stock” – ITAT Deletes Additions Under Sections 69 & 69C .The Mumbai ITAT deleted additions made under sections 69 and 69C against an assessee accused of entering into bogus penny stock transactions, holding that merely because a particular scrip was later identified as suspicious, every investor dealing in it cannot automatically be treated as part of a collusive arrangement. The assessee was a regular trader in shares and had consistently traded in numerous scrips over mult...