LTCG Addition Deleted as No Evidence Linking Assessee to Penny Stock Manipulation: ITAT Delhi

DCIT Vs Suresh Kumar Jain (ITAT Delhi) The appeal was filed by the Revenue against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), dated 27.11.2024 for Assessment Year 2014–15. The assessee had purchased 6000 shares of M/s. Kappac Pharma Ltd. on 27.11.2012 at ₹13 per share for a total consideration of ₹78,000 in physical form. These shares were later transferred to the demat account of the assessee. During February 2014, the assessee sold 4300 shares for a total consideration of ₹29,94,700 and claimed the resulting Long-Term Capital Gain (...