ITAT Allows Penny Stock LTCG Claim for Failure to Disprove Documentary Evidence

Arvind Bhanguji Kangane Vs DCIT (ITAT Mumbai) The appeal before the Income Tax Appellate Tribunal (ITAT), Mumbai arose from the order of the Commissioner of Income Tax (Appeals) / National Faceless Appeal Centre dated 11 June 2025 for Assessment Year 2013-14. The assessee challenged both the validity of reassessment proceedings initiated under section 147 and the addition made under section 68 in respect of the sale proceeds of shares. The assessee, an individual investor engaged in share investments, had originally filed a return of income declaring income of ₹30,85,930. The return was proc...