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...
ITAT Delhi deleted Rs.8 lakh penny stock addition u/s 68. AO relied only on Investigation Wing report. Tribunal rules addition cannot be made without independent verification.
Delhi ITAT deletes a Rs.190 Cr tax addition on share premium, citing impermissible double taxation. The ruling upholds the principle that the same income cannot be taxed twice.
The ITAT in Kolkata set aside a ₹9.32 crore tax addition on share sales by Superdeal Resources, ruling that well-documented transactions are not bogus. The order underscores the need for substantive evidence over suspicion.
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.
