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Addition u/s. 69A deleted as genuineness of transaction proved and shares sold as ordinary investor
Case Law Details
- Case Name
- Sudhir Babu Chalasani Vs ITO (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Hyderabad
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Sudhir Babu Chalasani Vs ITO (ITAT Hyderabad)
ITAT Hyderabad held that addition under section 69A of the Income Tax Act as unexplained money towards bogus long term capital gains not sustained since assessee has proved the genuineness of transactions of purchase and sale of shares as ordinary investor.
Facts- During the course of assessment proceedings, the AO noticed that, as per the information received from Investigation Wing, Stampede Capital Ltd, is a penny stock company, was engaged in providing accommodation entries to various persons by accepting undisclosed cash. Pos...
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