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 Mumbai rules that share transactions backed by DEMAT statements cannot be treated as bogus income without concrete proof....
Income Tax : ITAT Delhi held that Long Term Capital Gain [LTCG] earned from transaction in penny stock is liable for addition. Accordingly, app...
Income Tax : ITAT Kolkata invalidates reassessment in Pradip Kumar Jajodia HUF case, citing lack of tangible evidence for alleged bogus LTCG on...
Income Tax : ITAT deletes addition of Rs. 48.48 lakh for penny stock investment, ruling that no concrete evidence was presented by the Income T...
Income Tax : Calcutta High Court dismisses appeal in PCIT Vs Sawankumar T Jajoo, upholding ITAT's order on long-term capital gains from penny s...
Calcutta High Court order on Penny stock in which Department’s appeal in penny stock case has been allowed. The Orders of AO and CIT(A) have been restored. Reversed the order of ITAT. The Court Held that : 1. The assessees cannot take shelter under the opinion given by the experts as it is not the […]
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.
