Addition u/s 68 - sale transaction in penny stock shares - ...

High Court Reverses ITAT Decision, Upholds Additions u/s 68 for Fictitious Penny Stock Loss Claims.

April 17, 2023

Case Laws Income Tax HC

Addition u/s 68 - sale transaction in penny stock shares - fictitious booked loss by the assessee - Assessee having not proved the genuineness of the claim, the creditworthiness of the companies in which they had invested and the identity of the persons to whom the transactions were done, have to necessarily fail. - Order of ITAT deleting the additions reversed - HC

View Source

← Previous Next →

Addition u/s 68 - sale transaction in penny stock shares - ...

High Court Reverses ITAT Decision, Upholds Additions u/s 68 for Fictitious Penny Stock Loss Claims.

April 17, 2023

Case Laws Income Tax HC

You may also like:

ITAT dismissed tax authority's appeal regarding additions under sections 68 and 69C. Primary dispute concerned alleged bogus long-term capital gains (LTCG) from penny...

Addition u/s. 69B - penny stock - mere suspicion that the assessee has invested in alleged penny stock scrip cannot be made basis of addition u/s. 69B of the Act. In the...

The ITAT held that neither the initiation of reassessment proceedings nor the addition made by the AO u/s 68 can be sustained. The AO drew an inference from an...

Addition made u/s 68 - Bogus LTCG - unexplained cash credits - suspicious transactions in shares - penny stock - The Tribunal ultimately upheld the AO's decision to...

In this case, the Income Tax Appellate Tribunal (ITAT) examined the additions made by the Assessing Officer (AO) regarding long-term capital gains (LTCG) from share...

Addition u/s 68 - bogus LTCG - penny stock transaction - The ITAT observed that even though characteristics of penny stock transactions were present, there was no direct...

The assessee received cash credits which were treated as unexplained income u/s 68 by the Assessing Officer (AO). However, the Commissioner of Income Tax (Appeals)...

Unexplained credits u/s. 68 - Bogus LTCG - Penny stock purchases - Nothing on record to suggest that the shares were never with the assessee. On the contrary, the shares...

Addition u/s 68 - LTCG on sale of penny stock - considering the vortex of evidences, the assessee has successfully discharged the onus cast upon him by provisions of...

The assessee, a professional stock broker, claimed loss on trading of shares which was disallowed by the Assessing Officer (AO) on the grounds that the trades were not...

Additions towards loss on transactions of Future/option through National Stock Exchange - While filing the return, we note that the assessee has not claimed this loss...

Disallowance of exemption claimed u/s. 10(38) - Bogus LTCG - Penny stock transactions - The SEBI has suspended the penny stock of those companies, who involved in...

Set-off of current year losses against the addition made u/s 68 - going through sub-Section (2) of Section 115BBE of the Act, the words “set off of any loss” appearing...

The case pertains to the validity of reopening of assessment and addition made u/s 68 as unexplained cash credit. The key points are: The assessee had duly recorded the...

The ITAT held that merely huge profits from share transactions do not make the scrips penny stocks. Despite the financials being incommensurate with purchase/sale prices...

Quick Updates: