Gateway Financial Services Ltd vs ACIT

Authority: ITAT Tribunal/Court: Kolkata Date: 2023-07-14 AY: 2014-15 Section: 131, 142(3), 143(3), 12(a) Acts: Income Tax Act 1961 Result: Allowed Citation: 723Taxpundit79 Justices: SANJAY GARG & MANISH BORAD Appeal No: I.T.A. No.: 982/KOL/2018
Whether the short-term capital loss claimed by M/s. Gateway Financial Services Ltd. and the long-term capital gains claimed by other assessees from transactions in penny stocks (Blue Circle Services Ltd. and Radford Global Ltd.) are genuine or bogus, requiring addition under section 68 of the Income Tax Act, 1961 for unexplained cash credits --- Held No, the Tribunal allowed the appeals, holding the transactions as genuine based on documentary evidence and violation of principles of natural justice by the lower authorities.

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