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Tax Guru

ITAT Ahmedabad quashes 263 revision – AO had made detailed enquiry into penny stock LTCG claim

The ITAT Ahmedabad set aside the PCIT's revisionary order under Section 263, ruling that the AO's acceptance of ₹12.18 lakh exempt LTCG on Kushal Tradelink shares was based on a detailed inquiry and a ...
Tax Guru

Unexplained expenditure addition based on suspicion without independent enquiry cannot be sustained

ITAT Mumbai held that addition towards unexplained expenditure merely on the basis of suspicion based on information received from another authority without independent enquiry cannot be sustained.