No LTCG Claim, No Penny-Stock Benefit: ITAT Mumbai Deletes Addition & Allows Appeal

Mehul Hasukh Shah Vs ITO (ITAT Mumbai) Penny-Stock Allegation Collapses: ITAT Mumbai Deletes Addition as Mehul Shah Proves 1996 Purchase & Business-Income Treatment; Reopening Based on Incorrect LTCG Information Invalid; Long-Held Penny-Stock Shares Treated as Genuine — ITAT Mumbai Quashes Additions; Incorrect Bogus-LTCG Trigger Cannot Justify Reopening; Assessee Proved Genuine 1996 Shareholding Assessee, Mehul Hasukh Shah, filed return for AY 2016-17 declaring ₹4,90,760. Reassessment was initiated u/s 147 on the sole allegation—based on Investigation Wing report—that Assessee gene...