Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights February 2021 Year 2021 This

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

Income Tax

February 13, 2021

Addition u/s 68 - suspicious sale transaction in shares (penny scrip) - bogus LTCG - The assessee merely acted on the basis of such market information and happened to get phenomenal gain. It could have been otherwise as well. The rags to riches story in the stock market are galore. - In the absence of any link between the assessee and the alleged admissions of the directors and brokers, human probability is being used as a vague and convenient medium for the department’s conjectures - AT

View Source

 


 

You may also like:

  1. Addition u/s 68 - claim of exemption u/s 10(38) denied - Merely because a particular scrip is identified as a penny stock by the income tax department, it does not mean...

  2. Bogus LTCG - Addition u/s 68 - bogus penny stock transaction - suspicion v/s facts - disallowing the exemption u/s 10(38) - The assessee has demonstrated with...

  3. 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,...

  4. Bogus LTCG on shares - Addition u/s 68 - Transactions in Shares - For making an addition holding that transaction are bogus, the LD AO should have made inquiries on the...

  5. 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...

  6. 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...

  7. Addition u/s 68 - proceeds from the sale of shares by treating the scrips as penny stocks - This is the case wherein the AO merely on the basis of suspicion rejected the...

  8. 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...

  9. 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...

  10. 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...

 

Quick Updates:Latest Updates