Tag Archive: Penny stock

ITAT DELHI on Mar 11, 2020 held in Penny stock- The assessee submitted sufficient ‎documentary evidences before A.O. The A.O. has not brought any adverse material against the ‎assessee so as to make the above additions. The interim order of the SEBI have been revoked ‎against the assessee. The denial of right of cross-examination is a flaw which renders the ‎assessment order a nullity. Hon’ble Supreme Court in the case of Kishanchand Chellaram 125 ‎ITR 713 (SC) and Andaman Timber Industries vs., CCE 314 ELT 641.‎

ITAT DELHI on Mar 11, 2020 held in Penny stock- The assessee submitted sufficient documentary evidences before A.O. The A.O. has not brought any adverse material against the assessee so as to make the above additions. The interim order of…
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10(38), 68, AY 2014-15, Delhi, Delhi Tribunal, In Favour of Assessee

#Penny_Stock ITAT CHENNAI on Mar 4, 2020 hold that the A O shall require the assessee; to establish who, with whom, how and in what circumstances the impugned transactions were carried out etc., to prove that the impugned transactions are actual, genuine etc. The assessee shall comply with the A.O’s requirements as per law. The Assessing Officer shall also bring on record the role of the assessee in promoting the company and relationship of the assessee with other promoters, role of the assessee in inflating the price of shares, etc. as had been held by the Co-ordinate Bench of this Tribunal in the case of Shri Aravind Nandial Khatri Vs. I.T.O referred to supra.

#Penny_Stock ITAT CHENNAI on Mar 4, 2020 hold that the A O shall require the assessee; to establish who, with whom, how and in what circumstances the impugned transactions were carried out etc., to prove that the impugned transactions are…
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10(38), AY 2015-16, CHENNAI ITAT

ITAT – Bangalore on 13 December, 2019 held that Penny Stock-When proved that share transactions are tailor made then the submission that transactions are through recognised stock exchange, through banking channels or not allowed cross examination are not acceptable. The claim is required to be proven to be illegitimate by providing all relevant documents to establish sound financial of alledged companies and that fluctuation in price was market driven and to establish genuineness of sale and purchase of alledged scripts

ITAT – Bangalore on 13 December, 2019 held that Penny Stock-When proved that share transactions are tailor made then the submission that transactions are through recognised stock exchange, through banking channels or not allowed cross examination are not acceptable. The…
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Bangalore Tribunal, Penny stock

Penny Stock – On Oct 24, 2018 KOLKATA TRIBUNAL held that Addition ‎made u/s 68 solely on the basis of general report of the investigation wing, Kolkata and ‎accordingly the action of the ld AO was based purely on surmises and suspicions. There ‎is no finding by the ld AO that the transactions were between related parties. Further the ‎concerned scrip was not suspended by SEBI either at the time of transaction of allotment ‎of shares to the assessee or sale of shares by the assessee.‎

Penny Stock – On Oct 24, 2018 KOLKATA TRIBUNAL held that Addition ‎made u/s 68 solely on the basis of general report of the investigation wing, Kolkata and ‎accordingly the action of the ld AO was based purely on surmises…
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68, Penny stock

November 16, 2019

Penny Stock: Claiming of exemption u/s 10(38) is valid-transactions carried ‎through Demat Account, banking channel, STT paid, No Sebi Enquiry and no specific finding against the assessee

Penny Stock decision on 2nd Aug, 2018: Claiming of exemption u/s 10(38) is valid as transactions were carried ‎through Demat account and banking channel on which STT has been paid by assessee. Name ‎of the assessee did not appear therein…
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10, 10(38), Penny stock

November 16, 2019

Penny stock-decision on 9th March, 2017

DECISION ON PENNY STOCK ON Mar 9, 2017 the claim of the assessee cannot be denied on the basis of presumption and surmises in respect of penny stock by disregarding the direct evidences on record relating to the sale/purchase transactions….
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Cases Income tax, Penny stock

November 15, 2019