Long term capital gain cannot be treated as bogus on mere surmises

Ramprasad Agarwal Vs ITO (ITAT Mumbai) Conclusion: Addition made by AO on the reason that assessee had introduced his own unaccounted money by way of bogus long term capital gain was not correct as AO had not brought any material on record to show that assessee had paid over and above purchase consideration of shares as claimed and evident from the bank account and assessee had produced the relevant record to show the allotment of shares by the company on payment of consideration by cheque. Held: AO received information that some companies were engaged in the business of issuing penny stocks...