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ITAT Ahmedabad Restores Bogus LTCG Addition on Penny Stock ‘Safal Herbs’
Case Law Details
- Case Name
- ITO Vs Sureshkumar Bhikalal Thakker (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Ahmedabad
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ITO Vs Sureshkumar Bhikalal Thakker (ITAT Ahmedabad)
Penny Stock “Safal Herbs” No Safe Harbour – ITAT Ahmedabad Reverses CIT(A) & Restores Addition for Bogus LTCG
Ahmedabad ITAT upheld the addition of ₹6.73 lakh made u/s 69A for bogus Long-Term Capital Gain (LTCG) from penny stock Safal Herbs Ltd., reversing the relief earlier granted by CIT(A)/NFAC.
Assessee had claimed exempt LTCG u/s 10(38) on sale of shares of Safal Herbs Ltd., which were alleged by the Investigation Wing to be accommodation entries used for converting unaccounted cash into exempt inc...
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