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Mumbai ITAT Deletes Section 68 Addition on Genuine Intraday Penny Stock Trade
Case Law Details
- Case Name
- Naresh Omprakash Heda Vs ITO (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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Naresh Omprakash Heda Vs ITO (ITAT Mumbai)
Mumbai ITAT Deletes Section 68 Addition on Intraday Penny Stock Trade; Mere Inclusion of Scrip in Investigation Report Not Sufficient
The Mumbai ITAT deleted an addition of ₹6.34 lakh made under section 68, holding that the Assessing Officer could not treat the gross sale proceeds of an intraday share transaction as unexplained cash credit merely because the scrip, VMS Industries Ltd., was identified as a penny stock in an Investigation Wing report. The Tribunal noted that the assessee had purchased and sold the shares on the same d...
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