SC Upholds Quashing of Penny Stock Reopening Because Share Details Were Already Disclosed

PCIT Vs Pradip Kumar Jajodia (Supreme Court of India) The matter arose from an appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961 against the order dated December 30, 2024 passed by the Income Tax Appellate Tribunal, Kolkata Bench, for the assessment year 2016-17. Before the Calcutta High Court, the Revenue challenged the Tribunal’s decision deleting an addition of Rs.9,87,300 allegedly linked to bogus long-term capital gains through penny stock transactions. The Revenue argued that the Tribunal failed to consider investigations conducted by the Assessing Officer, the...