Vikas Nahata
Case No: ITA No. 1589/KOL/2025
Court: INCOME TAX APPELLATE TRIBUNAL, ‘SMC’ BENCH, KOLKATA
Date: 11/21/2025
Parties Involved
appellantVikas Nahata
respondentIncome Tax Officer
Facts Summary
The case involves information received by the DDIT(Inv.), Unit-3(2), Kolkata on 26.02.2018, indicating that a large number of persons had engaged in bogus long-term capital gain/short-term capital loss transactions through share transactions of penny stock companies. The assessee, Vikas Nahata, was found to have ploughed back unaccounted money of Rs.4,74,000/- into regular books of account by claiming it as exempt long-term capital gain under section 10(38) of the Income Tax Act, 1961. The case …
Decision in favour of
Assessee
Legal Issues
- 1. Whether the addition of Rs.4,74,000/- as unexplained cash credit under section 68 of the Income Tax Act is justified.