ITAT Deletes Section 68 Addition as Suspicion Cannot Replace Evidence in Penny Stock Case

ITO Vs Pradeep Ram Mukhi (ITAT Mumbai) Penny Stock Addition Quashed Because AO Failed to Prove Receipt of Unaccounted Money; Section 68 Addition Deleted Because Share Transactions Were Supported by Demat and Banking Records; ITAT Rejects Penny Stock Allegation Because Assessee Actually Suffered a Trading Loss; Addition Under Section 68 Cannot Survive Because No Direct Nexus With Alleged Operators Was Shown. The Income Tax Appellate Tribunal (ITAT), Mumbai, dismissed the Revenue’s appeal and upheld the order of the Commissioner of Income Tax (Appeals) deleting an addition of ₹2,82,196 made ...