Taxman called a penny-stock gain bogus after Rs.70,000 became Rs.1.93 crore, here's what Mumbai ITAT said
New Delhi, Sept. 23 -- A Mumbai investor's Rs.70,000 investment in Toyam Industries Ltd turned into a Rs.1.93 crore long-term capital gain. The tax department treated the gain as an accommodation entry linked to alleged manipulation in the stock. The Mumbai Income Tax Appellate Tribunal, however, f…