Magnitude of Profit is not Decisive factor about Genuineness of existence of an Investee Company: ITAT [Read Order]

The credibility of companies whose shares were manipulated by certain brokers for the benefit of investors, whether through gains or losses, renders the legitimacy of investments in such companies questionable
ITAT - ITAT Kolkata - Income Tax - Profit - TAXSCAN

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) has observed that the magnitude of profit is not decisive factor about genuineness of existence of an investee company. The assessee has filed his return of income on 12.09.2015 declaring total income of Rs.9, 77,350/-. The case of the assessee was selected for…

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