₹70,000 Share Investment Turned Into ₹1.93 Crore Gain: ITAT Rejects Tax Department’s Bogus Transaction Claim
Mumbai tribunal removes ₹1.93 crore addition after investor produces demat records, bank statements, contract notes and other transaction documents New Delhi, September 24 (SDNA): A Mumbai investor who bought shares worth ₹70,000 and later reported a long-term capital gain of nearly ₹1.93 crore has received major relief from the Income Tax Appellate Tribunal (ITAT). The Income Tax Department had questioned the transactions involving Toyam Industries Ltd, alleging that the shares were part of a penny-stock arrangement used to generate artificial long-term capital gains. The department subsequently treated the reported gain as unexplained income. The Mumbai Bench of the ITAT has now deleted the addition of ₹1,93,30,395, holding that the investor had produced substantial documenta...