Addition of Penny Stock Gains Reversed Due to Lack of Direct Evidence

Anju Parekh Vs ITO (ITAT Raipur) The appeal in Anju Parekh Vs ITO (ITAT Raipur) concerns the assessment year 2013-14, arising from the order of the Ld. CIT(Appeals)/NFAC, Delhi dated 21.11.2023. The assessee contested additions made by the Assessing Officer (AO) relating to Long Term Capital Gains (LTCG) exemption under Section 10(38) and unexplained cash credit under Section 68 of the Income Tax Act, 1961, as well as an ad-hoc commission claimed as expenditure. The appeal also included the submission of additional grounds asserting that the AO and CIT(A) erred in sustaining the additions. Th...