Penny Stocks – smeaccountant

Borrowed Satisfaction: ITAT Quashes Penny Stock Additions in Multiple Family Cases

The Income Tax Appellate Tribunal (ITAT) Delhi has issued a landmark ruling, invalidating reassessment proceedings initiated against several family members involved in alleged penny stock transactions. The tribunal determined that…

Prasenjit Bhowmik June 7, 2026

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ITAT Rules Against Penny Stock Tax Additions: Evidence Overcomes Suspicion

ITAT's landmark ruling confirms evidence trumps suspicion in penny stock cases, protecting taxpayers from arbitrary tax additions.

Prasenjit Bhowmik June 7, 2026

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ITAT Ruling Reinforces Evidentiary Standards for Penny Stock Tax Exemptions

Discover how a recent ITAT ruling emphasizes the importance of strong documentary evidence for claiming tax exemptions on long-term capital gains from stock...

Prasenjit Bhowmik June 4, 2026

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ITAT Ruling Reinforces Evidentiary Standards in Penny Stock Tax Disputes

In a significant ruling for taxpayers, the Income Tax Appellate Tribunal (ITAT) recently overturned a tax addition under Section 68 of the Income Tax Act, asserting that mere suspicion or…

Prasenjit Bhowmik June 3, 2026