ITAT deletes Section 68 addition for LTCG from penny stock

Uttam M Jain Vs Addl./Joint/Deputy/ACIT/ITO/National E-Assessment Centre (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT) Mumbai recently issued a landmark order in the case of Uttam M Jain vs. ACIT, wherein it overturned the additions made by the Assessing Officer (AO) related to alleged bogus long-term capital gains (LTCG) from penny stocks. The appeal was filed against the order dated 10/05/2023 passed by the National Faceless Appeal Centre (NFAC) Delhi. Background of the Case: The Assessee had declared an income of Rs.15,53,430/- for the Assessment Year 2012-13, which was processed u...