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ITAT Banglore on 13th December, 2019 Penny Stock-Penny Stock-When proved that share transactions are tailor made then the submission that transactions are through recognised stock exchange, through banking channels or not allowed cross examination are not acceptable. The claim is required to be proven to be illegitimate by providing all relevant documents to establish sound financial of alledged companies and that fluctuation in price was market driven and to establish genuineness of sale and purchase of alledged scripts. Remanded. Ramesh Chand Kothari (Huf) vs ITO AY 2015-16
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ITAT – Bangalore on 13 December, 2019 held that Penny Stock-When proved that share transactions are tailor made then the submission that transactions are through recognised stock exchange, through banking channels or not allowed cross examination are not acceptable. The claim is required to be proven to be illegitimate by providing all relevant documents to establish sound financial of alledged companies and that fluctuation in price was market driven and to establish genuineness of sale and purchase of alledged scripts
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Penny Stock – On Oct 24, 2018 KOLKATA TRIBUNAL held that Addition made u/s 68 solely on the basis of general report of the investigation wing, Kolkata and accordingly the action of the ld AO was based purely on surmises and suspicions. There is no finding by the ld AO that the transactions were between related parties. Further the concerned scrip was not suspended by SEBI either at the time of transaction of allotment of shares to the assessee or sale of shares by the assessee.
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On Jul 16, 2018 it has been held by JAIPUR TRIBUNAL that denial of the claim on the basis of suspicion without any cogent material to show that the assessee has brought back his own unaccounted income in the shape of long term capital gain, the said action of the AO is not sustainable
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Penny Stock: Claiming of exemption u/s 10(38) is valid-transactions carried through Demat Account, banking channel, STT paid, No Sebi Enquiry and no specific finding against the assessee
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Penny stock-decision on 9th March, 2017