PENNY STOCK RECENT JUDGEMENT IN THE FAVOUR OF ASSESSEE.

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PENNY STOCK JUDGEMENT IN THE FAVOUR OF ASSESSEE

Amar  Nath Goenka and ors v. ACIT (ITA No. 5882/D/18) (ITAT, Delhi) (12/12/2018)

– section 10(38) and section 68 – long term capital – penny stock ­ assessee discharging the onus by placing on record various documentary evidences – AO did not make any independent enquiry – statement of third party which was not subjected to cross examination is inadmissible evidence – addition deleted

Mukta Gupta v. ITO (ITA No. 2766/D/18, 2767/D/18) (ITAT, Delhi) (Dated 26/11/2018)

– section 10(38) & 68 – penny stock – addition on account of profit arising from sale of shares, alleged as penny stock cannot be made under section 68 – sufficient evidences were on record to prove veracity of the transaction – sebi report by itself was not sufficient to deny the transaction entered by the assesse.

Veena Gupta v. ACIT (ITA No. 5662/D/2018) (ITAT, Delhi) (27/11/2018)

– section 10(38) and section 68 – long term capital – penny stock ­ addition based on statement of third parties- no opportunity of cross examination – addition liable to deleted.

Ajay  Goel and ors v. ITO (ITA  No. 4481 – 84/D/18)   (ITAT, Delhi) (03/12/2018)

– section 10(38) & 68 – long term capital gain on sale of penny stocks – addition on the basis of information from investigation wing without affording opportunity of cross examination – addition not sustainable

 

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