ITAT Delhi Upholds Addition as Penny Stock LTCG Lacked Genuineness

Anip Rastogi Vs ITO (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi, dismissed the appeals of two assessees for Assessment Year 2015-16 and upheld the additions made under Section 68 of the Income-tax Act, 1961, in relation to Long-Term Capital Gains (LTCG) claimed as exempt under Section 10(38) from the sale of shares of CCL International Ltd. The Tribunal held that the assessees had failed to establish the genuineness of the transactions and that the evidence on record supported the Revenue’s conclusion that the gains represented accommodation entries arising from penny st...