https://www.taxtmi.com/caselaws?id=421650 The appellant, engaged in share trading, failed to file the return of income for A.Y. 2011-12, leading to an ex-parte assessment order making an addition of income related to trading in penny stock. Despite contentions regarding the genuineness of the transactions, penalties were confirmed due to lack of cooperation and evidence supporting investments. Additional evidences were admitted during appellate proceedings but failed to alter the decision. The tribunal dismissed the appeal against the order of Ld. CIT(A) due to the appellant's lack of participation and failure to provide substantial evidence, affirming the addition of income. en-us Wed, 27 Apr 2022 00:00:00 +0530 Fri, 29 Apr 2022 08:18:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421650 The appellant, engaged in share trading, failed to file the return of income for A.Y. 2011-12, leading to an ex-parte assessment order making an addition of income related to trading in penny stock. Despite contentions regarding the genuineness of the transactions, penalties were confirmed due to lack of cooperation and evidence supporting investments. Additional evidences were admitted during appellate proceedings but failed to alter the decision. The tribunal dismissed the appeal against the order of Ld. CIT(A) due to the appellant's lack of participation and failure to provide substantial evidence, affirming the addition of income. Case-Laws Income Tax Wed, 27 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421650