Addition towards bogus LTCG not sustained as genuineness of transaction proved

PCIT Vs Sanjaykumar Damjibhai Gangani (Gujarat High Court) Gujarat High Court held that addition under section 68 of the Income Tax Act towards bogus Long Term Capital Gains [LTCG] from sale of penny stock cannot be sustained since genuineness of the stock proved with evidence. Accordingly, appeal of revenue dismissed. Facts- The present petition has been filed by the petitioner mainly contesting that ITAT was not justified in deleting the addition of bogus long term capital gain claimed as exempted u/s 10(38) of the Act of Rs.46,96,881/- made by the Assessing Officer arising out of sale of sh...