Case Law Details
Case Name : Dolarrai Hemani Vs ITO (ITAT Kolkata)
Related Assessment Year : 2005-06
Courts :
All ITAT ITAT Kolkata
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ITAT held that when purchase and sale of shares were supported by proper contract notes , deliveries of shares were received through demat accounts maintained with various agencies, the shares were purchased and sold through recognized broker and the sale considerations were received by account payee cheques, the transactions cannot be treated as bogus and the income so disclosed was assessable as LTCG. We find that in the instant case, the addition has been made only on the basis of the suspicion that the difference in purchase and sale price of these shares is unusually high. The revenue had...
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Assessing Officers in other states have not accepted the jodgement in the assessment proceedings for the Assessment Year 2014-15 and have gone ahead with additions on account of penny stock long term capital gains.
Assessing Officers in other states have not accepted the jodgement and have gone ahead with additions on account of penny stock long term capital gains. They are still foung it.