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Court Upholds Reopening of Assessment u/s 147 for Sale of Penny Stocks; Section 68 Invoked for Additions.
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....Validity of reopening of assessment u/s 147 - Additions of sale consideration on sale of equity shares u/s 68 - Assessee has shown that he has earned long term capital gain in many companies in subsequent year, but many of those companies are also in the list of penny stock prepared by the Investigation wing such as UNNO Industries . Therefore we reject that argument.....