ITAT Delhi upholds Addition of bogus LTCG from penny stock

Gyan Prakash Gupta Vs ITO (ITAT Delhi) ITAT Delhi held that Long Term Capital Gain [LTCG] earned from transaction in penny stock is liable for addition. Accordingly, appeal of assessee dismissed and order of CIT(A) being well reasoned is upheld. Facts- Vide the present appeal, the assessee has mainly contested the addition of Rs. 1,49,14,984/- which has been made on account of Bogus Long Term Capital Gain from penny stock HPC Bioscience Ltd. Conclusion- Held that on perusal of the order sheets, it reveals that from the last several occasions, the assessee is not appearing on the date of hearin...