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 ITAT Ahmedabad held that reassessment under Section 147 was invalid because the Assessing Officer reopened the case for fictit...
Income Tax : The Tribunal ruled that a genuine share transaction resulting in a short-term loss cannot automatically be treated as a make-belie...
Income Tax : The ITAT Surat held that abnormal price rise in a penny stock and surrounding circumstances justified treating claimed LTCG as une...
Income Tax : The courts upheld LTCG exemption under Section 10(38) after finding that the Revenue failed to produce evidence linking the assess...
Income Tax : The High Court ruled that reopening under Sections 147 and 148 was unsustainable because the Assessing Officer’s reasons amounte...
AO could not reject the LTCG Exemption claim based on mere surrounding circumstances or probabilities without presenting any legal evidence against him: ITAT
ITAT Jaipur accepts LTCG claim of Vivek Agarwal; rejects AO’s addition under Section 68, citing adequate evidence of share transactions and demat holdings.
ITAT Kolkata deletes addition under Section 68, accepting LTCG on share sale by Kiran Kothari as genuine, rejecting AO’s reliance on general reports.
Kolkata ITAT permits Minu Gupta’s LTCG exemption claim, citing lack of specific evidence against her despite AO’s reliance on general investigation reports.
ITAT Kolkata rules in favor of Raj Kumar Kabra’s LTCG claim, stressing the need for specific evidence over general suspicion in tax assessments.
ITAT Kolkata permits Pawan Kumar Kabra’s LTCG claim, emphasizing the need for specific evidence over general suspicion in assessment.
ITAT Kolkata deleted an addition related to bogus long-term capital gain, finding the assessee’s share transactions to be genuine and supported by sufficient evidence.
ITAT Delhi overturns LTCG addition for Rajeev Agarwal & Sons due to denial of cross-examination on key statements. Genuine transactions noted.
: ITAT Delhi quashes LTCG addition for Veena Gupta, citing violation of natural justice due to denial of cross-examination of key witnesses.
ITAT Delhi rules for Shoubit Goel (HUF), allowing LTCG u/s 10(38) on Unno Industries shares. Lack of specific evidence against assessee overrides AO’s doubts.
