The Income Tax Appellate Tribunal (ITAT), Hyderabad bench has recently held that the income tax department cannot make disallowance merely on the ground that the assessee invested in penny stock in a case where the

In Amita Bansal v. CIT, the division bench of the Allahabad High Court held that the genuineness of share purchase cannot be suspected merely on ground of Late Entry in the Demat pass book when

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has upheld an addition by finding that the share transaction leads to long term capital gain were actually sham transactions to evade income tax. The

Recently, the Income Tax Appellate Tribunal, Kolkata has held that the income from transaction of shares has to be categorized under the head 'capital gain' under the provisions of the Income Tax Act, 1961, despite

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) held that the irregularities committed by Share Broker cannot be a ground to suspect the genuineness of the purchase and sale of shares.

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) has recently held that an addition under section 68 of the Income Tax Act is not valid when the assessee proves identity, creditworthiness,

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has upheld an income tax addition by holding that the share transaction was used as a colourable device to avoid capital gain tax liability. The

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has recently held that the allegation of money laundering cannot be proved by merely producing the evidence of purchase and sale of shares. The appellant,

The Kolkata bench of the ITAT, while considering the case of I.T.O, Wd-12(1), Kolkata Vs. M/s Nupur Carpets Pvt. Ltd, held that the income from share transactions is taxable as “capital gain” under the Income

The Mumbai bench of the ITAT, recently in the case of J.M. Financial Services Ltd v. Joint Commissioner of Income Tax, held that the loss or profit earned in derivative/future arbitrage can be set off

The Income Tax Appellate Tribunal (ITAT), Chennai bench has held that the Assessing Officer should allow the opportunity of cross-examination to the assessee to check whether the share transaction is real or not. The Assessing

The Income Tax Appellate Tribunal ( ITAT ) Mumbai, has in an appeal recently filed before it by the Jt. Commissioner of Income Tax (OSD), International Taxation, held that business loss occurring out of share

A senior government official of Federal Tax Authority has recently clarified that no Value Added Tax (VAT) will be imposed on the sale and purchase of shares conducted by investors in UAE stock markets. Khalid

The Income Tax Appellate Tribunal (ITAT) Pune Bench recently in an appeal held that income tax exemption cannot be granted since share transactions are found as sham and used as a device to make undisclosed

The Mumbai bench of ITAT while dismissing the appeal of the revenue held that share transactions cannot be deemed as unaccounted for the purpose of section 68 of the Income Tax Act, 1961, if DMAT