Addition u/s. 68 set aside as no allegation of assessee’s involvement in price rigging/ increase

Shobhit Gupta Vs ACIT (ITAT Delhi) ITAT Delhi held that merely because particular scrip is identified as penny stock it doesn’t mean all the transactions carried out in that scrip would be bogus. Addition, u/s. 68 deleted in absence of allegation of assessee being involved in any price rigging or price increase. Facts- The assessment of the assessee has been reopened for A.Y. 2012-13 against the assessee u/s. 147 of the Act on the ground that the assessee had earned Long Term Capital Gain of Rs. 80,79,788/- on sale of 42,750/-shares as the shares of M/s. Wagend Infra Venture Ltd. are bogus. ...