ITAT deletes LTCG Addition from Penny stock for Lack of Concrete Evidence

Chirag Tejprakash Dangi Vs ITO (ITAT Mumbai) Introduction: In the case of Chirag Tejprakash Dangi Vs ITO, ITAT Mumbai, the tribunal examined the treatment of cash credits and long-term capital gains related to the sale of shares. The dispute arose when the Assessing Officer (AO) treated the sale proceeds of shares as cash credits under section 68 of the Income Tax Act, 1961, and disallowed the exemption claimed under section 10(38) of the Act. The AO also estimated commission expenses incurred on procuring alleged bogus long-term capital gains and assessed them under section 69C of the Act. De...