Bogus LTCG Allegation: ITAT Remands ₹2.28 Cr Addition as AO Failed to Independently Verify Evidence

Kimaya Anurag Agarwal Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad restores penny stock LTCG case for fresh assessment – Assessee claims genuine documents were ignored, seeks opportunity to prove transactions Assessee earned Long-Term Capital Gain of ₹2.28 crore from sale of shares of Regency Trust Ltd. & claimed exemption u/s 10(38). AO reopened the assessment based solely on Investigation Wing information alleging that Regency Trust was a penny stock used for bogus LTCG accommodation entries. Without conducting any independent enquiry or providing any material to Assessee, AO treated t...