Judgement

The ITAT Delhi held that Investigation Wing Report and SEBI findings alone cannot establish bogus LTCG without independent evidence.


ITAT Deletes Section 68 Addition on LTCG from Penny Stocks for Lack of Direct Evidence

ITAT has quashed the reassessment, holding that the Section 148 notice issued on July 20, 2022, for income below Rs 50 lakh was barred by limitation.

ITAT Cancels Rs 39.92 Lakh Penny Stock Reassessment Over Time-Barred Section 148 Notice

The ITAT Ahmedabad held that mere Investigation Wing Report and Penny Stock Allegation is insufficient to establish assessee’s connection 


ITAT Holds Suspicion Cannot Substitute Evidence 

ITAT deleted the Rs 12.62 lakh Section 68 addition and directed the AO to allow the LTCG exemption after finding no transaction-specific evidence of price manipulation or accommodation entry.

ITAT Allows Section 10(38) LTCG Exemption and Deletes Rs 12.62 Lakh Penny Stock Addition After Finding No Evidence of Accommodation Entry

ITAT deletes Rs 11.82 crore in alleged bogus purchase additions after finding the transactions supported by transport, toll, stock, and banking records.

ITAT Deletes Rs 11.82 Crore Bogus Purchase Additions After Finding Genuine Purchases Supported by Toll, Transport, and Banking Records

ITAT deletes Rs. 31.56 lakh deemed rental income addition on unsold flats held as stock-in-trade, holding that Section 23(5) cannot apply retrospectively to AY 2017-18.

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ITAT Deletes Section 68 Addition on LTCG from Penny Stocks for Lack of Direct Evidence

ITAT Cancels Rs 39.92 Lakh Penny Stock Reassessment Over Time-Barred Section 148 Notice

ITAT Holds Suspicion Cannot Substitute Evidence

ITAT Allows Section 10(38) LTCG Exemption and Deletes Rs 12.62 Lakh Penny Stock Addition After Finding No Evidence of Accommodation Entry

ITAT Deletes Rs 11.82 Crore Bogus Purchase Additions After Finding Genuine Purchases Supported by Toll, Transport, and Banking Records

Section 23(5) Cannot Be Applied Retrospectively to Unsold Flats: ITAT Deletes Rs 31.56 Lakh Deemed Rent Addition