Addition towards penny stock deleted as onus duly discharged: ITAT Mumbai

Mahaveer Kanwarlal Ranka Vs ACIT (ITAT Mumbai)

ITAT Mumbai held that addition under section 68 of the Income Tax Act made towards penny stock deleted since assessee duly discharged the onus cast upon him and there is no adverse order/penalty order against the Assessee.

Facts- The Assessee on 05.01.2009 had purchased the shares of scrip M/s. JMD Tele Films Industry Ltd. @ Rs. 18% each and on a total consideration of 2,74,973/- through RTGS and online platform i.e. Bombay Stock Exchange (BSE). Subsequently the shares were splitted into 1,50,000 shares. The Ass

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