ITAT Mumbai Deletes LTCG Addition as No Evidence Linked Assessee to Penny Stock Rigging

Jay Hansraj Chheda Vs ITO (ITAT Mumbai) These cross appeals were filed by the assessee and the Revenue against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, for Assessment Year 2015-16. The dispute concerned addition under Section 68 of the Income Tax Act, 1961, in respect of long-term capital gain (LTCG) from sale of shares of M/s. Pine Animation Ltd., alleged to be a penny stock, and addition under Section 69C towards estimated commission expenses. The assessee, an individual, filed his return declaring income of Rs.3,92,540/-. During scrutiny, the A...