Addition towards bogus accommodation entry of LTCG deleted as primary onus discharged

DCIT Vs Pavankumar Bachhraj Chandan (ITAT Mumbai) ITAT Mumbai held that addition for providing accommodation entries of bogus LTCG under section 68 of the Income Tax Act is rightly deleted by CIT(A) since assessee has duly discharged the primary onus. Accordingly, appeal of revenue dismissed. Facts- In the assessment order passed u/s 143(3) of the Act, the AO noted that the Kolkata Investigation Wing had undertaken investigation into 84 penny stocks which identified shares of M/s. Shree Shaleen Textile Limited as a penny stock. AO was of the view that the assessee failed to discharge the bur...