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No Penny Stock LTCG Additions on Suspicion or Modus Operandi Alone
Case Law Details
- Case Name
- Kamal Khetan Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Mumbai
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Kamal Khetan Vs DCIT (ITAT Mumbai)
Suspicion can’t replace Proof- Banking & Demat records win the day-Penny Stock additions deleted – No direct evidence linking assessee to price manipulation in shares – Modus operandi spelt by itself is not an adequate ground to impeach the transactions- ITAT Mumbai
Mumbai ITAT quashed additions made on alleged bogus Long-Term Capital Gains (LTCG) from penny stock transactions, holding that in the absence of specific incriminating material linking Assessee to any accommodation entry provider or price rigging activity, the claim of ...
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