ITAT Mumbai Quashes Penny Stock LTCG Additions for Lack of Incriminating Material

Amit H. Patel (HUF) Vs DCIT (ITAT Mumbai)

The Income Tax Appellate Tribunal (ITAT) Mumbai allowed the appeals filed by Amit H. Patel (HUF) for Assessment Years 2010–11, 2011–12, 2013–14, and 2014–15, deleting additions made under Sections 68 and 69 of the Income-tax Act in respect of alleged bogus Long-Term Capital Gains (LTCG) from penny stocks and commission on accommodation entries.

Background

The assessee filed the return of income for AY 2010–11 on 6 September 2010, declaring ₹24,09,303. A search and seizure operation under Section 13

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