ITAT upholds addition under section 68 for bogus LTCG from penny stocks

Rohit Agarwal Vs ACIT (ITAT Kolkata) This case involves an appeal filed by Rohit Agarwal against the order of the Ld. CIT(A)-10, Kolkata. The appeal challenges the addition of Rs. 46,97,718/- as unexplained cash credit under section 68 of the Income Tax Act for the assessment year 2014-15. The revenue authorities rejected the claim of the assessee, considering the transactions involving penny stocks as bogus. The ITAT Kolkata upheld the decision of the revenue authorities in dismissing the appeal of Rohit Agarwal. The tribunal referred to the judgment of the Calcutta High Court in the case of ...