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Income Tax - Highlights / Catch Notes

Home Highlights September 2022 Year 2022 This

Revision u/s 263 by CIT - bogus capital gains from the penny ...

Income Tax

September 17, 2022

Revision u/s 263 by CIT - bogus capital gains from the penny stock script - AO should have made enquiry into the genuineness of the claim of exemption of capital gains in respect of purchase and sale of penny stock script of M/s. S.V. Electricals Ltd. in the light of the information received by him from the Investigation Wing of the Department, even if the information is received subsequent to original assessment order - revision order sustained - AT

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  2. Bogus LTCG - Disallowing exemption u/s 10(38) - penny stock - The said company held as a penny stock company by the authorities below without any corroborative evidence...

  3. Revision u/s 263 - as per CIT AO had wrongly allowed the assessee exemption of capital gains claimed u/s 54B - Tribunal found that neither any inquiry was made by the AO...

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  7. Revision u/s 263 by CIT - bogus loss on shares - penny stock transactions - Reliance on audit objection given by the audit party - As safely concluded that the ld. AO...

  8. Revision u/s 263 - Penny stock purchases - penny stock SOP guidelines have been issued by CBDT only in respect of listed scrips. - The scrip in question is not listed in...

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  10. Difference of TDS as per 26AS and TDS as declared in Return of Income (ROI) - AO failed to make inquiries - revision order u/s 263 is valid - AT

 

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