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No Evidence, No Rigging, No Bogus LTCG – Penny-Stock Theory Fails
Case Law Details
- Case Name
- Udita Gupta Vs ACIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Delhi
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Udita Gupta Vs ACIT (ITAT Delhi)
No Evidence, No Rigging, No Bogus LTCG – Penny-Stock Theory Fails- Human Probabilities Can’t Replace Proof
Assessee declared LTCG of Rs.1,04,06,840 from sale of shares of Yamini Investment Pvt Ltd & Goenka Business & Finance Ltd. AO treated both scrips as penny stocks, denied exemption, made addition u/s 68 & CIT(A) confirmed.
Before Tribunal, Assessee relied on the coordinate Bench decision in Rachna Gupta vs ACIT (ITA 5418/Del/2018 & 2531/Del/2022, order dated 20.12.2024), involving the same two scrips & same a...
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