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...
ITAT Mumbai deletes LTCG addition in penny stock case, ruling in favor of Assessee. Landmark decision emphasizes genuine transactions and compliance.
Explore legal battle in Farzad Sheriar Jehani Vs ITO, analyzing assessment of long-term capital gains on a penny stock. Learn about tribunal’s decision and its implications.
ITAT Delhi dismissed the Revenue’s appeal due to a low tax effect, as the tax effect was below the threshold prescribed by the CBDT Circular.
DCIT vs. Krishan Kumar case: ITAT Delhi dismisses appeal by the Department regarding share transaction, ruling it doesn’t fall under the CBDT Circular exception.
In the Archana Rajendra Malu vs. ITO case, ITAT Pune upheld the denial of tax exemption under Section 10(38) of the Income Tax Act due to sham transactions with paper companies.
Assessee has appealed against an order passed by CIT(A) and subsequent addition. Learn more about Capital Gain cannot be treated as bogus without giving reasons.
ITAT Kolkata held that exemption under section 10(38) of the Income Tax Act not eligible in respect of long Term Capital Gain from sale of equity shares of penny stock companies listed with Bombay Stock Exchange (BSE).
Analyzing ITAT Bangalore’s ruling in Yashaswi Fish Meal and Oil Company Vs DCIT, exploring the role of sworn statements in tax assessments.
Raigarh Jute & Textile Mills Ltd triumphs as ITAT Kolkata rules share trading loss genuine. Detailed analysis reveals weak circumstantial evidence.
Analyze the case of PCIT Vs Indravadan Jain, HUF in the Bombay High Court, where the issue of addition u/s 68 for penny stock transactions was examined. Discover how documentary evidence played a crucial role in the court’s decision.
