ITAT Mumbai allowed Farrah Marker’s appeal, deleting the Section 68 addition on share sale, questioning the AO’s reliance on presumptions about penny stocks.
Mumbai ITAT dismisses tax additions on share sale gains and purchase cost, citing assessee’s documentation and accepted source in prior assessment.
Kolkata ITAT rules documented share transactions through BSE and registered broker cannot be taxed as bogus based on suspicion; upholds assessee’s evidence.
Kolkata ITAT dismisses revenue’s appeal, upholds CITA order favoring Shaleen Khemani on gifted share sale proceeds, citing lack of evidence.
Kolkata ITAT rules in favor of Gautam Kumar Pincha, setting aside addition of share sale proceeds as undisclosed income due to lack of evidence.
ITAT Kolkata rules on Gaurav Pincha’s LTCG claim, deleting additions made under Section 10(38), citing lack of specific evidence and generalised suspicion.
Karnataka High Court held that statutory upper limit of maximum stamp duty INR 25 crores under the Karnataka Stamp (Second Amendment) Act, 2022 is not applicable to the additional duty levied under section 3B the Karnataka Stamp Act, 1957.
NCLAT Delhi held that application under section 9 of the Insolvency and Bankruptcy Code [IBC] is not maintainable due to pre-existing dispute between the parties. Accordingly, the appeal is dismissed.
ITAT Chandigarh held that amount in locker being cash received on sale of flat which is already assessed to capital gain. Accordingly, addition under section 69 of the Income Tax Act towards unexplained cash rightly deleted by CIT(A). Thus, appeal of revenue dismissed.
ITAT Raipur held that providing unreasonably short period of time of six days for furnishing reply vide notice issued u/s. 148A(b) of the Income Tax Act is against the mandate of law and hence liable to be set aside.
