ITAT Upholds addition made on account of Trading in Penny Stock Shares of Shell Company [Read Order]

Stock share - addition made - account of Trading - Penny Stock Shares - Shell Company - ITAT - TAXSCAN

The Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) has upheld the addition made by the assessing officer on account of trading in  penny stock shares of a shell company. The assessee Tarachand Agrawal’s  case was reopened under Section 147 of the Income Tax Act based on the information from investigation wing related to the…

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