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 : ITAT ruled that genuine sale proceeds supported by books, bank records and purchaser details cannot be treated as unexplained cash...
Income Tax : The Tribunal ruled that an Investigation Wing report alone cannot justify an addition under Section 68 without independent verific...
Income Tax : The Tribunal held that the addition under Section 68 could not be sustained because the assessee produced complete documentary evi...
Income Tax : The ITAT held that the Assessing Officer failed to produce any material establishing a connection between the assessee and the all...
Income Tax : The Delhi ITAT sustained the addition arising from the sale of listed shares after finding discrepancies in purchase records, incl...
ITAT Mumbai ruled in favor of an assessee, allowing a short-term capital loss on share sales, stating that documented transactions aren’t bogus merely due to a scrip being labeled as “penny stock.”
The ITAT Ahmedabad has upheld the disallowance of Long Term Capital Gains (LTCG) exemption on penny stock transactions for Chimanbhai Chhaganbhai, deeming them bogus. A cash credit addition is remitted for re-examination.
ITAT Mumbai overturns A.O.’s additions for alleged bogus long-term capital gains and commission, citing lack of evidence and denial of cross-examination.
ITAT Mumbai ruled against reopening assessments for penny stock LTCG without independent proof of accommodation entries, emphasizing genuine investor transactions.
Calcutta High Court upholds reopening of assessment for a company receiving cash credit from a shell entity providing bogus LTCG/STCG, citing valid reasons and assessee’s failure to explain the transaction.
Calcutta High Court upholds Tribunal’s decision, dismissing revenue’s appeal in Mallcom VSFT Gloves case regarding Section 68 addition of Rs. 5.07 Crores.
ITAT Delhi rules in favor of assessee, upholding Section 10(38) LTCG exemption and rejecting ‘penny stock’ allegations due to lack of evidence and procedural flaws.
ITAT Delhi nullifies reassessment and LTCG addition, emphasizing mandatory disposal of taxpayer objections and absence of concrete evidence in ‘penny stock’ allegations.
ITAT Delhi rules against reassessment, citing vague reasons and lack of nexus between Kavya Satija and alleged entry operators.
Calcutta High Court dismisses Income Tax Department’s appeal in a Rs. 71 lakh penny stock loss case, affirming no evidence of assessee’s involvement in price rigging.
