https://www.taxtmi.com/caselaws?id=778996 ITAT Nagpur (AT) dismissed the Department's appeals for A.Y. 2014-15, 2015-16 and 2016-17, holding the AO's reclassification of short-term gains (taxed by the assessee under s.111A at 15%) to income under s.68 read with s.115BBE was without basis. The tribunal found the AO's findings illusory, affirmed the CIT(A)'s order, and relied on SEBI's final acquittal of the three companies to dispel doubts. The tax effect in each appeal was below the prescribed Rs.60 lakh threshold and there was no allegation of organised penny-stock evasion or accommodation entries. en-us Fri, 21 Mar 2025 00:00:00 +0530 Tue, 14 Oct 2025 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778996 ITAT Nagpur (AT) dismissed the Department's appeals for A.Y. 2014-15, 2015-16 and 2016-17, holding the AO's reclassification of short-term gains (taxed by the assessee under s.111A at 15%) to income under s.68 read with s.115BBE was without basis. The tribunal found the AO's findings illusory, affirmed the CIT(A)'s order, and relied on SEBI's final acquittal of the three companies to dispel doubts. The tax effect in each appeal was below the prescribed Rs.60 lakh threshold and there was no allegation of organised penny-stock evasion or accommodation entries. Case-Laws Income Tax Fri, 21 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778996