Addition u/s 69C merely because assessee dealt with suspected scrips is unsustainable

ACIT Vs Munish Financial (ITAT Mumbai)

ITAT Mumbai held that merely because assessee has dealt with suspected scrips, addition u/s 69C is not justified as purchase and sale of scrips were through recognized stock exchange and payments were through banking channel only.

Facts- During the assessment proceedings, AO observed that assessee has purchased various scrips which are suspected scrips as penny stock. He observed that assessee has claimed long term capital loss in the current year and will setoff

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