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...
The issue involved denial of LTCG exemption based on allegations of penny stock manipulation. The Tribunal held that without direct evidence or nexus, such additions cannot be sustained.
The High Court held that no substantial question of law arose from the ITAT order deleting LTCG additions. It ruled that factual findings based on evidence cannot be disturbed without legal error.
The Tribunal held that LTCG cannot be treated as bogus merely based on investigation reports. It ruled that documented transactions through banking and stock exchange channels prove genuineness.
The ITAT held that reopening was invalid as it was based on the same material already examined during the original assessment. It ruled that reassessment cannot be used to review a concluded issue.
The Tribunal held that long-term capital gains cannot be treated as bogus based solely on investigation reports. In absence of independent inquiry or evidence, the addition was deleted.
The case involved addition of share sale proceeds treated as bogus based on investigation reports. The Tribunal held that no direct evidence linked the assessee to manipulation. It ruled that documented transactions through banking and demat channels cannot be disregarded without proof.
The Tribunal held that the sale of shares after holding them for nearly ten years could not be treated as a bogus penny stock transaction due to lack of evidence of manipulation.
ITAT Mumbai held that long-term capital gains from share sales cannot be treated as unexplained cash credit when the assessee provides contract notes, demat records, and bank statements proving the transactions.
ITAT Mumbai deleted the Section 68 addition on LTCG from listed shares, holding that documentary evidence, STT payment, and banking trail were not disproved by the Revenue.
The Tribunal upheld deletion of addition under Section 68, holding that reliance on an investigation report without independent verification and without disproving documentary evidence cannot sustain bogus LTCG allegations.
