LTCG exemption cannot be denied on penny stock sale without adverse evidence

Shikha Dhawan Vs ITO (ITAT Delhi) Income Tax Appellate Tribunal (ITAT), Delhi Bench, recently ruled in favour of assessee Shikha Dhawan, deleting an addition of Rs. 19,51,357 made by the Assessing Officer (AO) concerning long-term capital gains (LTCG) claimed as exempt under Section 10(38) of the Income Tax Act, 1961. The core issue revolved around the genuineness of share transactions undertaken by Ms. Dhawan. Ms. Dhawan presented substantial documentary evidence to support her claim. This included copies of share certificates with transfer forms, debit notes and receipts from the broker (Shr...