Income Tax : Introduction: The assessee has been taking a common argument against the addition on account of penny stock. The said argument rev...
Income Tax : The provision for exemption of long term capital gains from shares requiring payment of securities transaction tax has been taken ...
Income Tax : It is a very well-known fact that High court only entertains question of law and Income tax Appellate Tribunal (ITAT) is the last ...
Income Tax : ITAT Mumbai rules that share transactions backed by DEMAT statements cannot be treated as bogus income without concrete proof....
Income Tax : ITAT Delhi held that Long Term Capital Gain [LTCG] earned from transaction in penny stock is liable for addition. Accordingly, app...
Income Tax : ITAT Kolkata invalidates reassessment in Pradip Kumar Jajodia HUF case, citing lack of tangible evidence for alleged bogus LTCG on...
Income Tax : ITAT deletes addition of Rs. 48.48 lakh for penny stock investment, ruling that no concrete evidence was presented by the Income T...
Income Tax : Calcutta High Court dismisses appeal in PCIT Vs Sawankumar T Jajoo, upholding ITAT's order on long-term capital gains from penny s...
ITAT Mumbai rules that share transactions backed by DEMAT statements cannot be treated as bogus income without concrete proof.
ITAT Delhi held that Long Term Capital Gain [LTCG] earned from transaction in penny stock is liable for addition. Accordingly, appeal of assessee dismissed and order of CIT(A) being well reasoned is upheld.
ITAT Kolkata invalidates reassessment in Pradip Kumar Jajodia HUF case, citing lack of tangible evidence for alleged bogus LTCG on penny stock transactions.
ITAT deletes addition of Rs. 48.48 lakh for penny stock investment, ruling that no concrete evidence was presented by the Income Tax authorities.
Calcutta High Court dismisses appeal in PCIT Vs Sawankumar T Jajoo, upholding ITAT’s order on long-term capital gains from penny stocks.
AO also held that despite issuing notices under sections 143(2) and 142(1), assessee did not comply with those, and AO made additions to the income found in the assessee’s account.
ITAT Mumbai upholds deletion of additions u/s 68 for trading in penny stocks. Assessee provided valid evidence, and AO failed to counter claims with proof.
Analysis of ITAT Kolkata’s ruling in Usha Devi Modi vs ITO on Section 263 of the Income Tax Act, addressing capital gains on penny stocks and revisionary jurisdiction.
ITAT Kolkata rules in Shashi Bala Bajaj vs ITO that LTCG addition based on generalized reports, suspicion, and conjectures is not sustainable.
Analysis of ITAT Delhi’s ruling in Smt. Karuna Garg Vs ITO regarding the genuineness of long-term capital gains claims from penny stock transactions.
