ITAT Restores LTCG Addition from Penny Stock to CIT(A) for Reevaluation

Sarojben Rajkumar Bansal Vs DCIT (ITAT Ahmedabad) In a recent decision, the Income Tax Appellate Tribunal (ITAT) in Ahmedabad has reopened the appeal filed by Sarojben Rajkumar Bansal, challenging a previous order from the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi. The case revolves around the assessment for the assessment year 2013-14, where the tax authorities had made a substantial addition of ₹4,27,83,714 as unexplained cash credits under section 68 of the Income Tax Act, 1961. The original return of income was filed by the late Shri Rajkumar Kak...