₹1.69 Crore penny stock addition: ITAT remanded matter back to CIT(A)

Vandana Deepak Savla Vs ITO (ITAT Mumbai) The Hon’ble ITAT Mumbai recently addressed the case of Vandana Deepak Savla vs ITO concerning alleged penny stock transactions for Assessment Year (AY) 2014-15. The appellant had declared income of ₹9,09,390 in her income tax return but was issued notices under Sections 142 and 148 of the Income Tax Act, 1961. These notices aimed to reopen the assessment, citing suspicions about proceeds from the sale of shares in SRK Industries Ltd., which were categorized as a penny stock. The Assessing Officer (AO) added ₹1,55,47,275 under Section 68 and ₹4,...