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Section 68 Addition Upheld as Penny Stock Gains Failed Test of Human Probabilities: ITAT Mumbai
Case Law Details
- Case Name
- ITO Vs Shamim M. Bharwani (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006-07
- Courts
- All ITAT, ITAT Mumbai
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ITO Vs Shamim M. Bharwani (ITAT Mumbai)
The Revenue appealed against the order of the Commissioner of Income Tax (Appeals) [CIT(A)] deleting an addition of ₹12,14,932 made under Section 68 of the Income Tax Act. The assessee had explained the credit as sale proceeds from equity shares of Emrald Commercial Ltd. (ECL), whereas the Assessing Officer (AO) treated the amount as unexplained cash credit after concluding that the share transactions were not genuine.
The AO noted several features that, according to him, matched the characteristics of a penny stock transaction. The as...
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