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...
ITAT Mumbai ruled against reopening assessments for penny stock LTCG without independent proof of accommodation entries, emphasizing genuine investor transactions.
Calcutta High Court upholds reopening of assessment for a company receiving cash credit from a shell entity providing bogus LTCG/STCG, citing valid reasons and assessee’s failure to explain the transaction.
Calcutta High Court upholds Tribunal’s decision, dismissing revenue’s appeal in Mallcom VSFT Gloves case regarding Section 68 addition of Rs. 5.07 Crores.
ITAT Delhi rules in favor of assessee, upholding Section 10(38) LTCG exemption and rejecting ‘penny stock’ allegations due to lack of evidence and procedural flaws.
ITAT Delhi nullifies reassessment and LTCG addition, emphasizing mandatory disposal of taxpayer objections and absence of concrete evidence in ‘penny stock’ allegations.
ITAT Delhi rules against reassessment, citing vague reasons and lack of nexus between Kavya Satija and alleged entry operators.
Calcutta High Court dismisses Income Tax Department’s appeal in a Rs. 71 lakh penny stock loss case, affirming no evidence of assessee’s involvement in price rigging.
ITAT Delhi dismisses Revenue’s appeal, affirms LTCG exemption on share sale in Bal Kishan Arora case citing identical precedent from Delhi High Court.
Gujarat High Court affirms tax relief on share losses for Affluence Commodities, stating sale is genuine if counterparty purchase is valid.
ITAT Mumbai rules on Usha Chandresh Shah’s appeal against treating share sale proceeds as cash credit instead of long-term capital gains.
