Reassessment Quashed for Lack of Assessee-Specific Evidence in Penny Stock Case

Bhamiraben Prashantkumar Patel Vs ITO (ITAT Ahmedabad)

Bogus LTCG Allegation Fails Where Documents Prove Genuine Share Transactions; Entire Sale Proceeds Cannot Be Added Without Proof of Price Rigging; Reopening Based Only on SEBI Reports Held Invalid in Share Sale Case; Penny Stock Tag Alone Insufficient to Deny LTCG Exemption

The appeal before Income Tax Appellate Tribunal, Ahmedabad concerned the addition of ₹88.58 lakh made under section 69A by treating sale proceeds from shares of

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