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...
After considering detailed reasoning by AO as to how assessee has introduced unaccounted money in the garb of LTCG, ITAT upheld addition.
PCIT Vs Dinesh Kumar Bansal (HUF) (Calcutta High Court) The Court : In all these applications the revenue has sought for condonation of delay in filing the appeals before this Court under Section 260A of the Income Tax Act, 1961 (the Act, in brevity) challenging the orders passed by the Income Tax Appellate Tribunal, Kolkata […]
DCIT Vs Vipul Suresh Kumar Modi (ITAT Mumbai) ITAT held that no addition can be made for Transactions in Penny Stocks in respect of unabated assessments which have become final in absence of any incriminating material found during search. The brief facts of the case relevant to the issue before us are that the Assessee, […]
Abhinav Agarwal Vs DCIT (ITAT Delhi) Snapshot of Basic modus of providing bogus LTCG 1. Merger of Unlisted companies with Listed Entity: This is the most preferred option for the persons willing to operate for the purpose of doing Long Term capital Gains. In case of the mergers with listed companies, the merger petition has […]
Vasantlal Nyalchand Kikavat Vs DCIT (ITAT Mumbai) The case was reopened pursuant to receipt of certain information from investigation wing, Kolkata wherein it was alleged that the assessee was beneficiary of bogus Long-Term Capital gains (LTCG) by dealing in a scrip namely M/s Unisys Software & Holding Industries Ltd. (in short ‘Unisys’). Accordingly, the case […]
Shri Sanjay Singal Vs DCIT (ITAT Chandigarh) Addition of Rs. 61.86 Crore in 9 Appeals on Account of Bogus Long Term Capital Gain U/S 10(38) Claimed Deleted on Facts of Alleged Penny Scrip of PIL (Praneta Industries Ltd) and Revenue Rule 29 Application Containing Fir Filed by ED Against Companies of Bhushan Group & Statement […]
Vinay Kumar Dhingra (HUF) Vs ITO (ITAT Delhi) Contention of Assessee: 1. The assessee fulfills all conditions specified u/s. 10(38) 2. Though the purchase of securities are off market, the sale of shares was made online on which STT has been duly paid. 3. The shares were held for approximately 18 to 20 months 4. […]
Jayesh Shantilal Vira Vs ACIT (ITAT Mumbai) Addition u/s 10(38) on alleged bogus Long Term Capital Gain (LTCG) deleted where no further verification made by AO except solely reliance on information from investigation wing. ITAT held that the long term capital gain on the sale of shares of M/s. Blue Circle Services Ltd. is not […]
ITAT Mumbai ruling on Anusmriti Sarkar vs ITO case. Analysis of LTCG from Kailash Auto Finance Scrip, added without independent verification. Get insights into key decisions.
Shri Kamal Kishore Soni Vs ITO (ITAT Hyderabad) Assessee has made the investment in the shares of Rockon Fintech in the year 2008-09 whereas the report of the investigation wing is dated 16.3.2018. Therefore, the argument of the assessee’s counsel that the assessee could not have known that Rockon Fintech is a penny stock company […]
