Tag: penny stock
Shares sold after seven years cannot be considered as an accommodation entry in penny stock Shares sold after seven years cannot be considered as an accommodation entry in penny stock – Supreme Court dismisses SLP In a recent judgment, Hon’ble Supreme Court has dismissed a SLP of the …
Even admission of assessee without corroborative evidence cannot be made basis for addition – High Court In a recent judgment, the Hon’ble Rajasthan High Court has held that the admission of the assessee in absence of any corroborative evidence to strengthen the case of the Revenue cannot be …
Addition for bogus capital gain in penny stock company deleted as shares were purchased and sold before order of SEBI and investigation report ABCAUS Case Law Citation:ABCAUS 3814 (2023) (11) ITAT Important Case Laws relied upon by parties:Karuna Garg and Others In the instant case, the assessee had …
Addition for investment in penny stock company remitted to record how assessee involved in promoting company and how inflated shares of company ABCAUS Case Law Citation:ABCAUS 3224 (2020) (01) ITAT Important case law relied upon by the parties:Kanhaiyalal & Sons (HUF) v. ITO In the instant case, the …
Monetary limits for filing income tax appeal not to apply to bogus penny stocks transactions of Long Term Capital Gains (LTCG) /Short Term Capital Loss (STCL) F. No. 279/Misc./M-93/2018-ITJ(Pt.)Government of India Ministry of Finance Department of RevenueCentral Board of Direct Taxes New Delhi, Dated: 16th September, 2019 OFFICE …
LTCG exemption denied for Penny stock set aside by ITAT as AO had placed reliance on documents not confronted to the assessee ABCAUS Case Law Citation: ABCAUS 3000 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: Kothari Metals Vs. ITO Mr. Sunil H Ashar Vs. …
