Assessment u/s 153A - Addition u/s 68 - bogus LTCG - penny ...

Income Tax

February 21, 2024

Assessment u/s 153A - Addition u/s 68 - bogus LTCG - penny Stocks - whether documents found during the course of search were of incriminating nature? - The tribunal noted that the documents seized (share certificates and contract notes), alleged to be incriminating, corroborated the disclosed transactions of the purchase and sale of shares, thus not qualifying as 'incriminating evidence' discovered during the search. - The ITAT also observed that reliance on statements recorded outside the assessee's search operation, particularly from a broker, cannot augment the material found during the search to categorize it as incriminating. - Additions deleted.

View Source

← Previous Next →

Assessment u/s 153A - Addition u/s 68 - bogus LTCG - penny ...

Income Tax

February 21, 2024

You may also like:

Assessment u/s 153A - Addition u/s 68 - bogus LTCG - Except the statement of the assessee u/s. 132(4) agreeing for the addition there is no seized incriminating material...

Assessment u/s 153A - Addition u/s 68 - bogus LTCG - we do not find any infirmity in the order of the learned CIT-A the extent holding that that the addition of...

Assessment u/s 153A - addition of LTCG on sale of shares as bogus u/s 68 - where the assessment has attained finality and stands concluded at the time of search and are...

Bogus LTCG - addition u/s 68 - exemption of LTCG u/s 10(38) - penny stock - neither the assessee nor his broker are named as illegitimate beneficiary to bogus LTCG in...

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...

Assessment u/ 153A - Addition u/s 68 - Completed assessments can be interfered with by the Assessing Officer while making the assessment under section 153A only on the...

Assessment u/s 153A - Assessment for AY 2006-07 was already completed prior to the date of search and having not abated, the scope of proceedings u/s.153A of the Act had...

Bogus LTCG - Disallowance on claim of exemption u/s. 10(38) of LTCG - penny stock transactions - The price rise of the penny stock scrip was abrupt, sudden and...

Assessment u/s 153A - Addition based on the valuation report - completed assessment - nature of material found in the course of search which led to impugned additions -...

Addition u/s 68 - Bogus LTCG - penny stock purchases - list of beneficiaries submitted by the brokers/entry providers before the investigation wing substantiates that...

Re-determinination of value of opening stock - Addition of excess stock found during the course of survey - Once additions is made towards excess stock found during the...

Addition u/s 68 - Bogus LTCG - Penny stock transactions - The Tribunal found that the assessee had provided sufficient documentary evidence supporting the genuineness of...

Bogus long-term capital gains (LTCG) arising from sale of shares - AO held that the said LTCG/loss are fabricated/engineered transactions by the respective assessees,...

Bogus LTCG - penny stock - addition u/s 68 - The AO failed to bring on board any material to suggest that the assessee had made cash payment to the purchaser of share...

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...

Quick Updates: