Addition sustained as onus not discharged by the assessee

Sangeeta Devi Jhunjhunwala Vs ITO (ITAT Delhi) ITAT Delhi held that addition sustained as onus to prove genuineness of the transaction is not proved by the assessee. Facts- The case of the assessee was selected for complete scrutiny through CASS for the reason of “suspicious sale transaction in shares and exempt long-term capital gain shown in return (penny stock tab in ITS)”. Statutory notices were issued and served. In response, the details called for were furnished. AO found that the assessee earned LTCG of Rs. 1,17,14,346 on the sale of shares of M/s. HPC Biosciences Limited, w...