Penny Stock Addition Deleted for Lack of Specific Evidence

ACIT Vs Mihir Selvadia (ITAT Mumbai)

Penny Stock Tag Can’t Trump Documentary Evidence: ITAT Mumbai Deletes Section 68 & 69C Additions Where Share Profits Taxed as Business Income

The Mumbai ITAT “C” Bench allowed the Assessee’s appeal and dismissed the Revenue’s appeal in the case of Mihir Selvadia (Legal Heir of Late Shri Pravin Mohanlal Selvadia) vs ACIT for AY 2015-16, holding that profits from sale of shares of EINS Edutech Ltd. (all

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