2011 (9) TMI 1141 - HC - Income Tax

Unexplained investment under section 69 - sale of the shares - penny stocks - Held that - Similar question of law raised by the Revenue in the case of The Commissioner of Income Tax vs. Shri Mukesh Ratilal Marolia 2011 (9) TMI 919 - BOMBAY HIGH COURT has been dismissed by this court as held sale transaction was genuine. ITAT is correct in holding that the purchase and sale of shares are genuine and therefore, the Assessing Officer was not justified in holding that the amount as unexplained investment under Section 69 cannot be faulted. - For the reasons stated therein, the present Appeal is also dismissed

Summary

The High Court of Bombay dismissed the appeal in a case, stating that a similar question of law had been dismissed in a previous case. The appeal was dismissed with no order as to costs.