No Addition U/s 68 in Search Cases Without Incriminating Material – Penny Stock LTCG Additions Deleted – Dept Appeals Dismissed

ACIT Vs Ankur Anand (ITAT Lucknow) No Addition U/s 68 in Search Cases Without Incriminating Material – Penny Stock LTCG Additions Deleted – Dept Appeals Dismissed In these connected search assessments u/s 153A, the AO treated exempt LTCG claimed u/s 10(38) on alleged penny stock transactions as bogus and made additions u/s 68 running into crores. The CIT(A) deleted the additions holding that no incriminating material relating to the LTCG transactions was found during search and the assessments had already attained finality. Before ITAT, the Department argued that abnormal price ris...