Penny stock case dismissed by Ahmedabad Bench of ITAT

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Penny stock case dismissed by Ahmedabad Bench of ITAT

Bhagwatiben Vinodkumar Surani vs ITO.pdf

Penny stock case dismissed by Ahmedabad Bench of ITAT
Key Features :
Penny stocks…scrip…Alang Ind gasses limited…..
Purchases are made Off market and not reported in stock exchange…
Purchase is back dated …back dated contract not …paid for in cash…
Purchase are in physical form and demateralised subsequently…
Investee is Penny stock company with no credentials…
Investigation report made it clear…
Since no new facts and circumstances brought on record by assessee, inference can be drawn against assessee…
Tribunal dismissed appeal of assessee….

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