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Penny stock theory fails again – Revenue can’t rely on generic Investigation Wing reports: ITAT Mumbai
Case Law Details
- Case Name
- Rekha Rajesh Jogani Vs ITO (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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Rekha Rajesh Jogani Vs ITO (ITAT Mumbai)
Penny stock theory fails again – Revenue can’t rely on generic Investigation Wing reports- ITAT Mumbai deletes entire addition u/s 68 & 69C- No evidence, no addition – ITAT quashes ₹46 lakh bogus LTCG addition – Tribunal upholds documentary evidence
Background
Assessee, Rekha Rajesh Jogani, had declared LTCG of ₹44.52 lakh on sale of equity shares of SRK Industries Ltd., claiming exemption u/s 10(38). AO, based on Investigation Wing reports alleging penny stock manipulation, held that the LTCG was bogus, added the entire sale considerati...
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