ITAT Agra Upholds Addition of ₹80.17 Lakh as Bogus Capital Gains from Penny Stock

Suresh Chandra Sadh Vs DCIT (ITAT Agra) The Income Tax Appellate Tribunal (ITAT), Agra Bench, in the case of Suresh Chandra Sadh vs. DCIT, has upheld the addition of ₹80.17 lakh made by the Assessing Officer (AO) under Section 68 of the Income Tax Act, 1961, treating the claimed long-term capital gains (LTCG) as bogus. The Tribunal found no merit in the taxpayer’s defense regarding genuineness of the transaction involving shares of Yamini Investments Company Ltd. (YICL). Background of the Case The assessee, an individual, had filed his original return of income for Assessment Year 2016–1...