Income Tax : ITAT Ahmedabad confirms Section 68 addition of ₹93.92 lakh for bogus LTCG from Kushal Tradelink shares, rejecting the appeal bas...
Income Tax : Penny stocks, often associated with small, illiquid companies, have been a subject of concern due to their susceptibility to price...
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 : The Delhi ITAT sustained the addition arising from the sale of listed shares after finding discrepancies in purchase records, incl...
Income Tax : The Calcutta High Court upheld the Tribunal's order after finding that the reopening of assessment proceeded on incorrect facts re...
Income Tax : ITAT Mumbai held that additions under Section 68 cannot be sustained merely on suspicion regarding penny stock transactions. The T...
Income Tax : ITAT Chandigarh held that the assessee could not establish the authenticity of the purchase transactions underlying the LTCG claim...
Income Tax : The High Court upheld denial of Section 10(38) exemption after concurrent findings established that the share transactions lacked ...
The Delhi ITAT sustained the addition arising from the sale of listed shares after finding discrepancies in purchase records, including contradictory sale notes and payment receipts. The Tribunal held that the assessee failed to establish the genuineness of the underlying share transactions.
The Calcutta High Court upheld the Tribunal’s order after finding that the reopening of assessment proceeded on incorrect facts regarding alleged exempt income from penny stock transactions. The Court held that no substantial question of law arose for consideration.
ITAT Mumbai held that additions under Section 68 cannot be sustained merely on suspicion regarding penny stock transactions. The Tribunal ruled that documentary evidence and absence of direct incriminating material supported the assessee’s LTCG claim.
ITAT Chandigarh held that the assessee could not establish the authenticity of the purchase transactions underlying the LTCG claim. The inability to satisfactorily explain the acquisition of shares led to denial of exemption under Section 10(38) and confirmation of the addition under Section 68.
The High Court upheld denial of Section 10(38) exemption after concurrent findings established that the share transactions lacked genuineness. The Supreme Court later dismissed the SLP against the decision.
The Delhi High Court upheld the denial of Section 10(38) exemption after finding that the authorities had rightly treated the share transactions as bogus. The Court held that concurrent factual findings supported by evidence could not be interfered with in appeal.
TAT Mumbai held that additions under Sections 68 and 69C could not be sustained where the Revenue failed to establish any connection between the assessee and alleged price-rigging operators. The Tribunal found that the transactions were supported by demat records, banking documents, and stock exchange evidence. The LTCG exemption under Section 10(38) was restored.
ITAT Delhi held that the assessees could not substantiate the genuineness of the share transactions underlying the LTCG claims. The additions under Section 68 were sustained after the Tribunal found that the evidence supported the Revenue’s conclusion of accommodation entries.
The Court upheld deletion of the LTCG addition after finding that the Revenue relied on assumptions rather than evidence. Documentary records established the genuineness of the share transactions.
The Gujarat High Court upheld deletion of an addition relating to alleged bogus capital gains. The Court found that shares held for over a decade as genuine investments could not be treated as penny stock transactions.
