Case Law Details
Case Name : Narayan Suppliers Private Ltd Vs ITO (ITAT Kolkata)
Related Assessment Year : 2011-2012
Courts :
All ITAT ITAT Kolkata
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Narayan Suppliers Private Ltd Vs ITO (ITAT Kolkata)
ITAT Kolkata Upholds ₹17.10 Cr Penny Stock Addition, Calls It Money Laundering – Applauds AO’s Probe & Refers Case to ED & CBI
Background:
Narayan Suppliers Pvt. Ltd., engaged in share investments, filed NIL return for AY 2011-12. Based on Investigation Wing report, AO reopened assessment u/s 147 alleging transactions in three penny stock companies- JMD Telefilms Industries Ltd., Unisys Softwares & Holding Industries Ltd., & Nouveau Global Ventures Ltd – totaling ₹17.10 Cr. AO treated entire purchases as unex...
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