Farrah Marker vs ITO: Section 68 Addition on Penny Stock Sale deleted

Farrah Marker Vs ITO (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT) Mumbai addressed the appeal filed by Farrah Marker against the order of the CIT(A) which upheld the Assessing Officer’s (AO) addition of ₹95,12,812 under Section 68 of the Income Tax Act, 1961. This addition was made by treating the sale proceeds of shares of Shukun Constructions Ltd. as unexplained cash credit. The AO had concluded that the long-term capital gain (LTCG) claimed by the assessee on the sale of these shares was not genuine, suspecting a backdated purchase to generate artificial gain, labeling the...