LTCG Addition Deleted as AO Failed to Prove Share Transactions Bogus Under Section 68

Dilipkumar Hazarimal Ahuja Vs CIT Appeal (ITAT Mumbai) The assessee filed an appeal before the Income Tax Appellate Tribunal, Mumbai, against the order of the CIT(A), National Faceless Appeal Centre, dated 11.03.2024, arising from reassessment proceedings under Sections 147 read with 144B of the Income-tax Act for Assessment Year 2016–17. The reassessment was initiated based on information received from the Investigation Wing, Delhi, following a search on SMC Global Capital Market Ltd., wherein the scrip of Goenka Business and Finance Ltd. was allegedly identified as a penny stock used for g...