Documented Demat and Exchange Trades Defeat Section 68 Addition

Sanjana Anil Agarwa Vs ITO (ITAT Mumbai) KDJ Penny Stock Charge Fails — Mumbai ITAT Deletes ₹4.53 Cr Addition u/s 68 & 3% Commission The Mumbai ITAT (G Bench) allowed the appeal of the Assessee for AY 2014-15 and deleted the addition of ₹4.53 crore made u/s 68 of the Income-tax Act by treating long-term capital gains on sale of shares of KDJ Holidays Scapes & Resorts Ltd. as bogus, along with consequential addition of 3% commission u/s 69C. The Tribunal held that the Assessee had discharged the primary onus by producing complete documentary evidence, including preferential allotm...