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Tax & ComplianceLiveMint — Money

Taxman called a penny-stock gain bogus after ₹70,000 became ₹1.93 crore, here’s what Mumbai ITAT said

23 Sept 2026 · 4d agoSource: LiveMint — Money

The Mumbai ITAT deleted a ₹1.93 crore tax addition on Toyam Industries gains after finding that the taxpayer had produced a transaction trail but the Revenue had not shown specific evidence linking him to alleged price manipulation. 

Attribution

This digest is published with acknowledgment to LiveMint — Money. For the complete analysis, headnotes, and citations, please refer to the source.

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