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INCOME TAX APPELLATE TRIBUNAL (MUMBAI BENCH)
Sandeep Gosain, JM, Girish Agrawal, AM
Income Tax Department – Appellant
Versus
Shri Vimal Punmiya – Respondent
| Table of Content |
|---|
| 1. the appeal concerns the deletion of additions related to long-term capital gains arising from penny stock transactions. (Para 1 , 2 , 3) |
| 2. the evidence presented supports the respondent's claim, emphasizing the legitimacy of the reported gains. (Para 4 , 5 , 6) |
| 3. the revenue's arguments based on hearsay and third-party information lack substantiation. (Para 7 , 8 , 9 , 10) |
| 4. the court finds that the documentation provided establishes the transactions as genuine. (Para 11 , 12 , 13) |
| 5. the cit(a) rightly allowed the exemption under section 10(38), and the appeal is dismissed. (Para 14 , 15) |
ORDER
PER SANDEEP GOSAIN, JM:
The present appeal has been filed by the revenue challenging the impugned order dt. 22.01.2025 passed u/s 263 of the Income Tax Act, 1961 (‘the Act’), by the National Faceless Appeal Centre, Delhi (NFAC) for the assessment year 2011-12.
2. All the ground raised by the revenue are interrelated and interconnected and relates to challenging the order of Ld. CIT(A) in deleting the additions made u/s 68 of the Act. Therefore we have decided to adjudicate the same through the present consolidated order.
3. Ld. DR appearing on behalf of the revenue while rel
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