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Penny Stock LTCG Held Genuine Despite Investigation Reports: ITAT Mumbai
Case Law Details
- Case Name
- ITO Vs Sunita Chaudhary (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Mumbai
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ITO Vs Sunita Chaudhary (ITAT Mumbai)
Penny Stock LTCG Upheld as Genuine: ITAT Mumbai Dismisses Revenue Appeal Despite Investigation Reports
The Mumbai ITAT (G-Bench) dismissed the Revenue’s appeal for AY 2014-15 and upheld deletion of ₹2.92 crore added as alleged bogus LTCG on sale of shares of First Financial Services Ltd., along with deletion of ₹78,931 as alleged commission. The Tribunal affirmed the CIT(A)’s reliance on its own binding decision in the assessee’s case for AY 2013-14, involving the same scrip and identical facts, wherein the gains were held to be genuine.
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