ITAT delhi deletes Addition of LTCG on Penny stock

Shri Suresh Kumar Agarwal Vs ACIT (ITAT Delhi) ITAT deleted addition made u/s 68 for alleged bogus LTCG of Rs.56,43,084/- on merits holding that Ld AO failed to bring any cogent material in addition to report of Directorate of Investigation Kolkata about Jamakharchi /Penny stock companies and convert its reasons into a fact , thereby not proving its case on merits where burden was on revenue to prove its case . Thus appeal of assessee was allowed in granting LTCG exempted u/s 10(38). FULL TEXT OF THE ITAT JUDGEMENT 01. ITA number 8703/Del/2019 is filed by Shri Sureskhumar Agarwal [ Assessee/ A...