“ITAT Quashes addition for Bogus LTCG from Penny Stock scrips Appu/Ejecta

Shrenik Kumar Virchand Mardia Vs ITO (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has provided significant relief to assessee Shrenik Kumar VirchandMardia, quashing substantial additions made by the Income Tax Officer (ITO) concerning alleged bogus Long-Term Capital Gain (LTCG) and a related commission for Assessment Year 2015-16. The Tribunal found the revenue’s case to be lacking in independent evidence and highlighted critical procedural infirmities, particularly the denial of an opportunity for cross-examination. The appeal by the assessee challenged the orde...