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Case Law Details

Case Name : DCIT Vs Nishit Capinvest Pvt Ltd (ITAT Delhi)
Related Assessment Year : 2016-17
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DCIT Vs Nishit Capinvest Pvt Ltd (ITAT Delhi)

Introduction: In a significant ruling on January 4, 2024, the Income Tax Appellate Tribunal (ITAT) Delhi in the case of DCIT Vs Nishit Capinvest Pvt Ltd, addressed the contentious issue of the legitimacy of the source of income derived from transactions in penny stocks. The Revenue challenged the Commissioner of Income Tax (Appeals)-26, New Delhi’s decision, which favored the assessee, Nishit Capinvest Pvt Ltd, a company engaged in investment business, for

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