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Income Tax - Highlights / Catch Notes

Home Highlights August 2023 Year 2023 This

Addition u/s. 69B - penny stock - mere suspicion that the ...

Income Tax

August 10, 2023

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 absence of any material evidences to corroborate the information received from DDIT that M/s. Vas Infrastructure Ltd. is a penny stock, we find no justification in upholding the addition made by the A.O - AT

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