Documentary Trail Wins- Suspicion Cannot Replace Evidence: Penny-Stock Addition Deleted

Hareshkumar Mafatlal Shah Vs ACIT (ITAT Mumbai) Assessee had declared LTCG of ₹2,41,53,979 from sale of shares of Sunrise Asian Ltd (SAL) & Monarch Health Services Ltd (MHSL), acquired through proper banking channels, held in Demat, & sold on BSE with STT paid. AO treated entire gain as bogus penny-stock accommodation entry based on general investigation statements of one Vipul Bhatt & denied cross-examination. AO added LTCG u/s 68 & alleged commission of ₹9,66,159 u/s 69C. NFAC upheld additions. Before Tribunal, Assessee relied on multiple binding precedents: Gujarat HC â...