Reassessment Quashed for Lack of Assessee-Specific Evidence in Penny Stock Case

Bhamiraben Prashantkumar Patel Vs ITO (ITAT Ahmedabad) Bogus LTCG Allegation Fails Where Documents Prove Genuine Share Transactions; Entire Sale Proceeds Cannot Be Added Without Proof of Price Rigging; Reopening Based Only on SEBI Reports Held Invalid in Share Sale Case; Penny Stock Tag Alone Insufficient to Deny LTCG Exemption The appeal before Income Tax Appellate Tribunal, Ahmedabad concerned the addition of ₹88.58 lakh made under section 69A by treating sale proceeds from shares of Kushal Ltd. as unexplained income, after rejecting the assessee’s claim of exempt long-term capital ga...