Section 68 Addition unsustainable as LTCG Non-Genuineness Not Proven: ITAT Ahmedabad

DCIT Vs Smt. Denisha Rajendra Keshwani (ITAT Ahmedabad) ITAT Ahmedabad held that addition under section 68 of the Income Tax Act unsustainable since revenue/ department failed to establish that LTCG earned is non-genuine. Accordingly, appeal of revenue dismissed. Facts- During the scrutiny proceedings, AO observed that the assessee had declared Long Term Capital Gain (LTCG) of 1,40,06,685/-, arising from investments in various shares, including Kappac Pharma Ltd. (KPL). AO conducted a detailed examination of the transactions involving Kappac Pharma Ltd. (KL) shares and concluded that penny sto...