Littlesky Dealtrade Pvt. Ltd. vs. ITO, Ward 9(3), Kolkata
Case No: ITA No. 563/Kol/2022
Court: INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH, KOLKATA
Date: 10/30/2025
Parties Involved
appellantLittlesky Dealtrade Pvt. Ltd.
respondentITO, Ward 9(3), Kolkata
Facts Summary
The case involves an appeal by Littlesky Dealtrade Pvt. Ltd. against an order passed by the Ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, dated 27.07.2021. The Assessing Officer (AO) had made several additions under section 40(a)(iii) of the Income Tax Act, 1961, disallowed a loss on account of re-evaluation of closing stock of shares, and added profits earned from trading in penny-stock. The assessee appealed these additions, leading to the current mat…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the Ld. CIT(A) erred in confirming the addition made by the AO on account of transactions relating to shares of M/s Cressanda Solutions Ltd.
- 2. Whether the AO was justified in applying the provisions of section 115BBE.
Precedents Relied Upon
2 precedents cited in this judgement.