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...
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.
Bombay HC dismisses appeal in CIT-13 Vs Shyam R. Pawar case, upholding Tribunal’s decision on share transaction dispute.
ITAT Mumbai upholds long-term capital gains legitimacy in Bhavna Lalit Jain’s appeal, reversing earlier AO additions and clarifying tax treatment.
ITAT Ahmedabad restores the case involving LTCG from penny stocks to CIT(A) for a fresh evaluation, emphasizing principles of natural justice and due process.
ITAT Mumbai rules that shares bought off-market and later sold on stock exchanges with proof of genuine transactions cannot be treated as unexplained income.
