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...
Read the detailed analysis of ITAT Delhi’s order regarding capital gains earned from the sale of CCL International shares. ITAT deemed the gains genuine, deleting the addition under section 69 of the Income Tax Act.
Shanno Mohammed Yusuf Warsi Vs ITO (ITAT Mumbai) The case of Shanno Mohammed Yusuf Warsi Vs Income Tax Officer (ITO) at the Income Tax Appellate Tribunal (ITAT) Mumbai revolves around the taxation of long-term capital gains (LTCG) from penny stock transactions, specifically involving shares of Essar (India) Ltd. The central question is whether the assessee […]
Chirag Tejprakash Dangi successfully challenged the Income Tax Office’s (ITO) addition of Rs. 1.51 crore related to sale of alleged penny stocks. Learn why the assessee prevailed.
Bombay High Court affirms ITAT’s deletion of LTCG addition on penny stock in PCIT Vs Ziauddin A Siddique case. Detailed analysis of the judgment provided.
Read about the ITAT Ahmedabad ruling in Bharatkumar Gangaram Patel vs. ITO case, where the addition for unexplained LTCG on shares was deleted due to failure to establish bogus sale.
Delve into the detailed analysis of the ITAT Mumbai ruling in ACIT Vs Priyanka Ankit Miglani case regarding long-term capital gains from share sales and the application of Section 10(38) of the Income Tax Act.
Delhi ITAT’s landmark ruling in Sarika Bindal vs. ITO establishes that capital gains from share sales cannot be deemed sham, safeguarding taxpayer rights.
Kolkata ITAT upholds LTCG disallowance in Brajesh Narnolia Vs ITO, emphasizing that a company’s genuineness isn’t judged by the magnitude of profit.
Gujarat High Court rules in favor of taxpayer in PCIT-1 vs Parasben Kochar, dismissing appeal on LTCG tax exemption under Section 10(38).
Income Tax Appellate Tribunal upholds denial of LTCG exemption on shares of Kappac Pharma Limited. Read the full analysis of this remarkable decision & its implications on taxpayers.
