AO failed to enquire about bogus Transactions of Earning LTCG from Penny Stock Companies: ITAT upholds Revisional Order [Read Order]

By Yogitha S. Yogesh - On December 31, 2022 4:23 pm - 2 mins read
bogus Transactions - LTCG - Penny Stock Companies - Penny Stock - ITAT - Revisional Order - enquire - taxscan

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) upheld the revisional order when the Assessing Officer (AO) failed to enquire about bogus Transactions of earning long-term capital gain (LTCG) from penny stock companies. Shri Rajeeva Kumar, Advocate appeared on behalf of the assesseeand Md. Ghayasuddin, CIT(DR), appeared on behalf of the…

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