Addition for Bogus long-term gains from penny stocks cannot be made merely on suspicion

Pramod Kumar Lodha Vs ITO (ITAT Jaipur)

Decision of the AO holding the transaction as bogus and denying the claim of long term capital gain under section 10(38) of the Act is based on suspicion without any material evidence to controvert or disprove the evidence produced by the assessee. The enquiry conducted by the ITO Investigation Indore i

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