Addition U/s 69 for Penny Stock Investment Deleted – Explained Source Through Banking Channel Accepted – ITAT Mumbai

Rajendra P. Shah Vs ITO (ITAT Mumbai) Addition u/s 69 for Penny Stock Investment Deleted – Explained Source Through Banking Channel Accepted – ITAT Mumbai The assessee challenged addition of ₹42.60 lakh made u/s 69 towards alleged unexplained investment in shares of Mind Vision Capital Ltd., which was treated by AO as suspicious penny stock transaction based on investigation wing inputs. The assessment was reopened u/s 147 and addition was made mainly on the ground that the assessee failed to furnish complete details of share transactions. Before ITAT, the assessee demonstrated t...