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 Income Tax Appellate Tribunal (ITAT) Pune has ruled in favor of an assessee, Sonal Ashish Shah, reversing an addition made by the Income Tax Officer (ITO) on the sale of shares in Blazon Marbles Limited, an alleged penny stock company.
The ITAT Mumbai upheld deletions of additions made under Section 68, ruling that share trading losses and profits, declared as business income and supported by documentation, could not be treated as unexplained income based solely on penny stock allegations.
ITAT Kolkata upholds Rs.17.10 crore penny stock addition against Narayan Suppliers Pvt Ltd, flags money laundering, and directs case referral to ED and CBI for further probe.
ITAT Chennai invalidated reassessment in Pawan Cargo Forwards’ case due to notice issued by JAO, not FAO, violating the CBDT’s 2022 faceless scheme. Penny stock addition deleted.
The ITAT Delhi upheld the genuineness of a long-term capital gain, ruling that an LTCG exemption cannot be denied solely based on suspicion, if the transaction is supported by documentary evidence
ITAT Delhi upheld CIT(A) order deleting additions on alleged bogus LTCG from Kailash Auto Finance shares, citing SEBI’s clean chit and lack of AO’s independent enquiry.
A summary of the ITAT Patna ruling in Sushila Sultania’s case, where the tribunal deleted a tax addition for long-term capital gains.
ITAT Mumbai sends back a tax case for fresh hearing, ruling that the assessee must be provided with the reasons for reopening the assessment before a final order is passed.
ITAT Mumbai dismisses revenue’s appeal against Adihemshree Financial, a share trader, on losses incurred from alleged penny stocks. The tribunal cited that the losses were a regular business activity.
The Mumbai ITAT ruled that a tax reassessment on alleged bogus capital gains was invalid, citing the lack of specific incriminating evidence found during the search.
