Addition u/s. 69A and 68 without finding any fault with evidence is unlawful: ITAT Mumbai

Shah Sandeep Anantkumar HUF Vs ITO (ITAT Mumbai) ITAT Mumbai held that confirmation of addition u/s. 69A and 68 of the Income Tax Act without finding any fault with the evidence submitted justifying the transaction is totally unlawful and accordingly liable to be set aside. Facts- The assessee is a Hindu Undivided Family. On the basis of the information received from the DDIT(Investigation), Unit 3(2), Kolkata, that an organised racket of generating bogus entries of long term capital gains in penny stock has been unearthed as a result of investigation carried out, and the assessee has sold sha...