Ranjit Kumar Modi
Case No: ITA No. 1753/KOL/2024
Court: Income Tax Appellate Tribunal, 'SMC' Bench, Kolkata
Date: 10/30/2025
Parties Involved
appellantRanjit Kumar Modi
respondentIncome Tax Officer
Facts Summary
The assessee, Ranjit Kumar Modi, filed his return of income for the assessment year 2013-2014 declaring a total income of Rs.4,74,110/-. Information received from AIIMS data revealed that the assessee had availed a bogus entry of long-term capital gain of Rs.15,55,000/- in the penny stock of Tuni Textile during the financial year 2012-13. A notice under section 142(1) of the Income Tax Act was issued, and the assessee was requested to furnish a reply. The assessee claimed Rs.15,51,877/- as exemp…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the assessee had availed bogus long-term capital gain?