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Section 2634 Section 1474 Section 1483 Section 10(38)2

NILESH BIPINCHANDRA MEHTA HUF,JAMNAGAR vs. PRINCIPAL COMMISSIONER OF INCOME TAX, JAMNAGAR

In the result, the appeal filed by the assessee is allowed

ITA 271/RJT/2024[2014-15]Status: DisposedITAT Rajkot17 Nov 2025AY 2014-15

For Appellant: Shri Chetan Agarwal, ARFor Respondent: Shri Sanjay Punglia, CIT- DR

Section 10(38)Section 143(3)Section 147Section 148Section 263Section 68

1,10,652) claimed as exempt u/s 10(38) of the Act.\nTherefore, the assessing officer has to verify the genuineness of the transactions\nmade in the penny stock scrip “Centron Ind.". Therefore, the order passed by\nthe assessing officer is prima facie erroneous and prejudicial to the interest of\nrevenue within the meaning of the provisions of section