No LTCG Claim, No Penny-Stock Benefit: ITAT Mumbai Deletes Addition & Allows Appeal

Mehul Hasukh Shah Vs ITO (ITAT Mumbai)

Penny-Stock Allegation Collapses: ITAT Mumbai Deletes Addition as Mehul Shah Proves 1996 Purchase & Business-Income Treatment; Reopening Based on Incorrect LTCG Information Invalid; Long-Held Penny-Stock Shares Treated as Genuine — ITAT Mumbai Quashes Additions; Incorrect Bogus-LTCG Trigger Cannot Justify Reopening; Assessee Proved Genuine 1996 Shareholding

Assessee, Mehul Hasukh Shah, filed return for AY 2016-17 declaring

Please become a Premium member. If you are already a Premium member, login here to access the full content.