M/S.SHEETAL REAL vs. INCOME TAX OFFICER
In the result, the appeal fails and the substantial questions of law
ITA/83/2010HC Orissa08 Feb 2022
Bench: DR. JUSTICE S. MURALIDHAR (CJ),MR. JUSTICE R.K.PATTANAIK
Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 260ASection 372A
transfer of
shares of companies which were thinly traded and were highly illiquid and
they are called as penny stocks. The period of holding of the shares is just
above 12 months and the appreciation in price during this period was
phenomenal. On an average transaction in the shares are shown to have
been yielded 1129% returns during the period
