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LTCG Claim Reopened Due to Preferential Allotment Concerns
Case Law Details
- Case Name
- DCIT Vs Santosh Vimlesh Mehta (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Mumbai
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DCIT Vs Santosh Vimlesh Mehta (ITAT Mumbai)
Penny Stock LTCG Addition of ₹3.98 Crore Deleted — ITAT Upholds CIT(A); General Modus Operandi Not Enough Without Assessee-Specific Evidence
The Mumbai Bench of the ITAT dismissed the Revenue’s appeal for AY 2012-13, thereby upholding deletion of ₹3.98 crore added under section 69A by treating long-term capital gains from sale of shares of Banas Finance Ltd. as bogus penny-stock transactions.
The assessee had acquired shares through preferential allotment, funded via capital withdrawal from a partnership firm, held them for a substantial peri...
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