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 oc

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