Revision u/s 263 by CIT - Bogus LTCG - Penny stock purchases - ...

CIT's Section 263 revision on alleged bogus LTCG from penny stocks overturned; assessee proves genuine VIL share transactions.

November 16, 2022

Case Laws Income Tax AT

Revision u/s 263 by CIT - Bogus LTCG - Penny stock purchases - He merely makes general reference to the investigation report of the Department stating to have contained information regarding these shares. With the assessee having sufficiently demonstrated genuineness of the transaction of trading in shares of VIL and also that it was not a mere penny stock traded in - There is no error in AO accepting the assessee’s claim of the transactions being genuine - AT

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Revision u/s 263 by CIT - Bogus LTCG - Penny stock purchases - ...

CIT's Section 263 revision on alleged bogus LTCG from penny stocks overturned; assessee proves genuine VIL share transactions.

November 16, 2022

Case Laws Income Tax AT

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