Penny Stock LTCG Addition U/s 68 Deleted – Documentary Evidence Accepted; Suspicion Cannot Replace Proof – ITAT Mumbai

Dilip Bhanverlal Dangi (HUF) Vs ITO (ITAT Mumbai) Penny Stock LTCG Addition U/s 68 Deleted – Documentary Evidence Accepted; Suspicion Cannot Replace Proof – ITAT Mumbai The assessee (HUF) claimed exemption u/s 10(38) on long-term capital gains of ₹19.41 lakh arising from sale of shares of Radford Global Ltd. The AO, relying on investigation reports alleging penny stock manipulation, rejected the exemption and treated entire sale proceeds of ₹19.97 lakh as unexplained cash credit u/s 68. CIT(A) upheld the addition. Before ITAT, the assessee demonstrated that shares were purchase...