Gist of Penny stock judgement in favor of Assessee

There are plenty of decision in favor of Assessee on penny stock matter. Few of them are as under:

i.  Mumbai ITAT in the case of Ramprasad Agrawal Vs. ITO, ITA No. 1228/m/2018 & ITA No. 4843/M/2018 wherein the Addition was rightly dropped by the Tribunal. ( https://thetaxtalk.com/2018/12/04/deletion-of-addition-of-ltcg-from-penny-stock-by-mumbai-itat/)

ii.  Rajasthan High Court pronouncement in the case of CIT Vs. Pooja Agrawal, DB ITA No. 385/2011 ( https://thetaxtalk.com/2018/09/15/important-verdict-on-bogus-penny-stocks-capital-gains/)

iii.  Jaipur Tribunal in the case of Pramod Kumar Lodha Vs. ITO, ITA No. 826/JP/2014 (https://thetaxtalk.com/2018/12/11/section-1038-bogus-long-term-gains-from-penny-stocks/)

iv.  Kolkata Tribunal in the case of Shri Shreyan Chopra Vs. ACIT, Circle 36, Kolkata – ITA No. 661/Kol/201 (https://thetaxtalk.com/2018/12/12/penny-stock-kolkata-itat-held-in-favor-of-he-assessee/)

v.  Smt. Shikha Dhawan, C-101, Centre Park, Sector-42, Gurgaon. PAN-CCBPS1718L Vs. ITO, Gurgao in ITA No.3035/Del/2018 ( https://thetaxtalk.com/2018/12/12/%EF%BB%BFp%EF%BB%BFe%EF%BB%BFn%EF%BB%BFn%EF%BB%BFy%EF%BB%BF-%EF%BB%BFs%EF%BB%BFt%EF%BB%BFo%EF%BB%BFc%EF%BB%BFk%EF%BB%BF-%EF%BB%BFj%EF%BB%BFu%EF%BB%BFd%EF%BB%BFg%EF%BB%BFem%EF%BB%BF%EF%BB%BFe%EF%BB%BF/)

vi.  Sarojbala A.Jain, Pune vs Acit Cen Cir 11, Mumbai on 6 April, 2018 vide ITA No.6360/MUM/2009 ( https://thetaxtalk.com/2018/12/12/penny-stock-pune-itat-held-in-favor-of-he-assessee/)