ITAT Deletes Section 68 Addition as AO Relied Solely on Generalized Penny Stock Report

ITO Vs Manisha Narpatkumar Chopra (ITAT Mumbai) The Revenue filed an appeal before the ITAT Mumbai against the order dated 15.05.2023 passed by the CIT(A), NFAC, Delhi for Assessment Year 2015–16. The dispute concerned deletion of additions made by the Assessing Officer (AO) in respect of alleged bogus Long Term Capital Gains (LTCG) arising from sale of shares of Pine Animation Ltd., treated as penny stock, and estimated commission expenditure. The assessee had filed her return declaring NIL income. Based on information from the Investigation Wing, Kolkata, the AO reopened the assessment und...