Ex-Parte Share Trading Additions Set Aside for Fresh Verification

Muthiah Lakshmanan Vs ITO (ITAT Chennai) In Muthiah Lakshmanan vs. ITO (ITA No.3016/Chny/2025, AY 2022-23), the Chennai ITAT “D” Bench set aside the order of the NFAC CIT(A) and remanded the matter to the AO for fresh adjudication, granting the Assessee one more opportunity to substantiate his claims with documentary evidence. The Assessee, an individual engaged in equity trading through ICICI Direct, Zerodha and Kotak Securities, had declared STCG of only ₹42,171 on huge share transactions. Due to non-compliance with notices, the AO completed assessment u/s 144 r.w.s. 144B and made dras...