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
ITAT – Bangalore Ramesh Chand Kothari (Huf) , … vs Income Tax Officer Ward-2(2)(1), … on 13 December, 2019 held that in case Penny Stock- Penny Stock-where statement and report of third parties are only secondary and subordinate material which…
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