ITAT Deletes Section 68 Addition on Alleged Penny Stock LTCG from Shree Shaleen Textiles Shares

Pratibha S. Mhatre Vs ITO (ITAT Mumbai) The assessee appealed against the order of the Commissioner (Appeals) for Assessment Year 2014–15, challenging the addition of ₹1,20,11,807 made under Section 68 of the Income-tax Act after the Assessing Officer treated the long-term capital gain arising from the sale of shares of Shree Shaleen Textiles Ltd. as bogus and denied exemption under Section 10(38). The assessee also contended that the assessment was completed in violation of the principles of natural justice as the statements and documents relied upon by the Assessing Officer were not supp...