LTCG Addition deleted as Revenue Failed to Link Assessee With Penny Stock Manipulation

Smt. Bhawna Kapoor Vs ACIT (ITAT Delhi) In this case, the assessee filed her return of income for Assessment Year 2014-15 and claimed exemption under Section 10(38) of the Income Tax Act on long-term capital gains (LTCG) amounting to ₹33,97,009 arising from the sale of shares of M/s Cressanda Solutions Limited. During scrutiny assessment, the Assessing Officer (AO) relied upon information from the Directorate of Investigation, Kolkata, which had identified several listed penny stock companies allegedly used for generating bogus LTCG. The AO treated the assessee as a beneficiary of such trans...