Case Law Details
Case Name : Smt. Preeti Gupta Vs DCIT (ITAT Hyderabad)
Related Assessment Year : 2013-14
Courts :
All ITAT ITAT Hyderabad
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Smt. Preeti Gupta Vs DCIT (ITAT Hyderabad)
The Hyderabad ITAT deleted additions made under Section 69A in alleged penny stock transactions, holding that genuine, documented transactions cannot be disregarded based on general investigation reports and suspicion.
The assessee had declared capital gains from sale of shares of Vandana Knitwear Ltd., supported by demat statements, contract notes, bank records, and SEBI-registered broker details. However, the AO treated the transactions as bogus based on investigation reports on penny stocks and added the entire sale proceeds as unexplained income.
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