Penny stock: Addition not sustainable, in absence of adverse finding against Assessee

Smt. Rachna Agarwal Vs ITO (ITAT Kolkata) Facts- The sole/main grievance of the assessee is against the action of the Ld. CIT(A) confirming the order of the AO making the addition on account of Long Term Capital Gains (LTCG) of Rs.77,78,476/- which the assessee derived from sale of scrip known as M/s. GCM Securities Ltd. The AO further noted that during the relevant assessment year the assessee had traded the scrip by the name of GCM Securities Ltd. which according to him was a ‘penny stock’, which has been used for generating bogus LTCG. According to AO, the unaccounted cash of beneficiar...