Capital Gain from Penny Stocks: ITAT remanded case back to CIT(A)

Shamim Imtiaz Hingora Vs ITO (ITAT Pune)

It is an undisputed fact that the shares involved are Penny Stocks and the Assessing Officer did not find any mistake in the documentation furnished by the assessee. The Assessing Officer alleges that the documentation is self-serving.

After considering both sides ITAT held that there is need for finding of fact on (i) the nature of the shares transactions; (ii) make-believe nature of paper work; (iii) Camouflage the bogus nature; and, (iv) the relevance of human probabilities

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