ITAT upheld addition for LTCG of accommodation/bogus entries through penny stock companies

Manish Goel Vs ITO (ITAT Kolkata) ITAT find that in the case of Swati Bajaj (supra), the facts before the Hon’ble Jurisdictional High Court, were that the assessee has claimed exempt income under section 10(38) of the Act at Rs.28,23,500/- from sale of equity shares of a listed company namely Surabhi Chemicals & Investment Limited. Suraj Gujarat In a short span of 17 to 20 months, there was growth of 2823% in the share price even when general market trend was recessive. The Director of the Income Tax (Investigation), Kolkata initiated the investigation after coming across various such tr...