Case Law Details
Neha Chowdhary Vs ITO (ITAT Kolkata)
Bogus capital gains from penny stocks- It emerges that from a perusal of these case files that although the assessee has produced her documentary evidence before the lower authorities about the impugned sums to be in the nature of income derived from the sales of shares, the fact remains that her detailed explanation tendered in the course of assessment till date does not sufficiently discharge her onus on proving the source of impugned deposits. I therefore deem it appropriate in these peculiar facts and circumstances that the impugned addition(s) deserved to be restricted to that @ 30% only with a rider that same shall not be treated as a precedent in any other assessment year. 38
FULL TEXT OF THE ITAT JUDGEMENT
These assessee’s two appeal(s) for assessment years 2014-15 & 2015-16, arise against the Commissioner of Income-tax (Appeals)-14, Kolkata’s separate orders; both dated 16.05.2019 passed in case Nos.CIT(A), Kolkata-14/10571/2016-17 and citia, Kolkata-14/10109/2017-18, respectively involving proceedings u/s. 143(3) of the Income Tax Act, 1961; in short ‘the Act’.
Heard both the parties. Case files perused.
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