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 Delhi ITAT has invalidated an income tax reassessment for bogus LTCG from penny stocks, ruling that the approving authority’s sanction was mechanical.
The ITAT Mumbai deleted a penny stock addition, ruling that the income tax department’s reliance on suspicion and a general investigation report was insufficient to dislodge the assessee’s proof of genuine transactions.
ITAT Mumbai upheld addition of ₹84.79 lakh as unexplained cash credit, rejecting Section 10(38) LTCG claim on penny stocks in Chitra Mehta’s case.
The ITAT Ahmedabad quashed reassessments for AYs 2017-18 & 2018-19, ruling notices issued beyond 3 years were invalid as the escaped income was below Rs. 50 lakhs.
Mumbai ITAT deletes income additions for Asha Bhadra in penny stock case, citing SEBI report and judicial precedents confirming genuine share transactions.
ITAT Agra confirms ₹80.17 lakh addition as bogus LTCG from penny stock, citing lack of evidence and suspicious price jump in Yamini Investments shares.
Calcutta High Court restores reassessment for bogus LTCG, finding ITAT erred by ignoring AO’s evidence and satisfaction in a penny stock scam, citing Supreme Court precedents.
ITAT Mumbai ruled in favor of an assessee, allowing a short-term capital loss on share sales, stating that documented transactions aren’t bogus merely due to a scrip being labeled as “penny stock.”
The ITAT Ahmedabad has upheld the disallowance of Long Term Capital Gains (LTCG) exemption on penny stock transactions for Chimanbhai Chhaganbhai, deeming them bogus. A cash credit addition is remitted for re-examination.
ITAT Mumbai overturns A.O.’s additions for alleged bogus long-term capital gains and commission, citing lack of evidence and denial of cross-examination.
