ITAT Ahmedabad Restores Bogus LTCG Addition on Penny Stock ‘Safal Herbs’

ITO Vs  Sureshkumar Bhikalal Thakker (ITAT Ahmedabad) Penny Stock “Safal Herbs” No Safe Harbour – ITAT Ahmedabad Reverses CIT(A) & Restores Addition for Bogus LTCG Ahmedabad ITAT   upheld the addition of ₹6.73 lakh made u/s 69A for bogus Long-Term Capital Gain (LTCG) from penny stock Safal Herbs Ltd., reversing the relief earlier granted by   CIT(A)/NFAC. Assessee had claimed exempt LTCG u/s 10(38) on sale of shares of Safal Herbs Ltd., which were alleged by the Investigation Wing to be accommodation entries used for converting unaccounted cash into exempt income. AO, noting t...