ITAT Nagpur Deletes Unexplained Investment Addition in Penny Stock Case

Bhivraj Mohanlal Jain Vs CIT (ITAT Nagpur) The Income Tax Appellate Tribunal (ITAT), Nagpur Bench, in the case of Bhivraj Mohanlal Jain Vs CIT, allowed the appeal of the assessee for the Assessment Year (A.Y.) 2013-14, deleting an addition of made under Section 69 of the Income Tax Act, 1961. The dispute centred on the taxability of share transactions in the stock of M/s. Priti Mercantile & Co., which the Revenue Department alleged were accommodation entries resulting from stock market manipulation. Background and Initiation of Proceedings The assessee, Bhivraj Mohanlal Jain, had original...