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ITAT deletes Disallowance of Trading Loss on Alleged Penny Stock Shares Due to Insufficient Evidence of Price Manipulation [Read Order]

Kavi Priya

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) deleted the disallowance of trading losses claimed by the assessee on alleged penny...

ITAT Quashes ₹4.27 cr Addition in Alleged Bogus LTCG from Penny Stock Transactions Citing Lack of...

ITAT nullifies Income Tax Additions in Penny Stock Deal for Quick Gains [Read Order]

LTCG from Sale of Equity Share of Penny Stock Companies listed with BSE is not eligible for...

No Penalty u/s 271(1)(c) of Income Tax Act on Payment Received on Sale of Penny Stock Shares: ITAT...

Exemption u/s 10(38) cannot be Disallowed when Transaction is Not Declared as Penny Stock: ITAT [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has recently held that exemption under Section 10(38) of Income Tax Act, 1961 could not be disallowed when a transaction is not...

CBDT Guidelines wrt Listed Scrips of Penny Stock not to be applied for Unlisted Scrips: ITAT

In a recent development, the Income Tax Appellate Tribunal (ITAT) has held that the Standard Operating Procedure (SOP) guidelines issued by the Central Board of Direct Taxes (CBDT) in respect of...

AO failed to enquire about bogus Transactions of Earning LTCG from Penny Stock Companies: ITAT upholds Revisional Order [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) upheld the revisional order when the Assessing Officer (AO) failed to enquire about bogus Transactions of earning long-term capital...

Addition of Unexplained Credit based on bogus LTCG on Sale of Penny Stock without Cogent evidence is not valid: Delhi HC [Read Order]

The Delhi Bench High Court has held that the Addition of unexplained credit based on bogus LTCG on the sale of penny stock without cogent evidence is not valid. Karuna Garg, the appellant...

Share Transactions with Company declared as Penny Stock: ITAT allows Claim of Business Loss by FPI as No Evidence of Malpractices

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...

Share Price increased due to Manipulation and Rigging through Penny Stock Company: ITAT upholds Addition [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT)has upheld an addition of long term capital gain by observing that the assessee has failed to explain the reason for increase in shares. The...

Income from Penny Stock Transaction, Paid for Purchase of Shares could not be Deducted while computing Undisclosed Cash Income from Transaction in Penny Stock: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT),Mumbai bench held that income from penny stock transactions, paid for purchase of shares could not be deducted while computing undisclosed cash income from...