Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
ITAT reversed addition made by AO under s.68 regarding Long Term Capital Gains from penny stock transactions. Assessee traded shares of KPL through recognized stock exchange with documented payment trails via account payee cheques. Following precedents from Gujarat HC, tribunal found no evidence of price manipulation or cash kickbacks. Genuineness of transactions established as assessee had no control over share prices, payments were properly documented through banking channels, and trades executed through official exchange. The alleged unexplained cash credits treated as legitimate LTCG exempt under s.10(38), resulting in deletion of additions made by AO. Appeal allowed in assessee's favor.
ITAT reversed addition made by AO under s.68 regarding Long Term Capital Gains from penny stock transactions. Assessee traded shares of KPL through recognized stock exchange with documented payment trails via account payee cheques. Following precedents from Gujarat HC, tribunal found no evidence of price manipulation or cash kickbacks. Genuineness of transactions established as assessee had no control over share prices, payments were properly documented through banking channels, and trades executed through official exchange. The alleged unexplained cash credits treated as legitimate LTCG exempt under s.10(38), resulting in deletion of additions made by AO. Appeal allowed in assessee's favor.
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TaxTMI 
TaxTMI 
of 4916 
