Crime & Law · India
Income Tax Appellate Tribunal Rejects Stock Gain Claim Despite Proof
The Income Tax Appellate Tribunal (ITAT) in Mumbai rejected a taxpayer's claim of Rs 15 lakh in stock gains, despite the individual providing bank and demat account proof. The ITAT also deleted a Rs 1.93 crore tax addition related to Toyam Industries gains, stating that while the taxpayer presented a transaction trail, the Revenue department failed to provide specific evidence linking the individual to alleged price manipulation.
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- Centre (2): Mint, The Financial Express