Manipulation & Rigging via Penny Stock Company: ITAT upholds Addition

Aditya Saraf HUF Vs ITO (ITAT Delhi)

It is observed, as per the investigation conducted in relation to the shares of the company, on which, the assessee offered long term capital gain, it was found that it is a penny stock company. It was also found that due to price manipulation and rigging, there was astronomical increase in the price of the shares. As it appears from the facts on record, the assessee has not furnished any strong evidence before the departmental authorities to rebut the adverse materials brought on record by the department. Even befor

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