LTCG from Penny Stock Found Genuine – Suspicion No Substitute for Proof: ITAT Delhi

ITO Vs Bharti Jain (ITAT Delhi) Penny Stock Allegation Fails – Investor’s LTCG Claim from Stock Exchange Trades Found Genuine, Revenue’s Appeal Dismissed – Suspicion No Substitute for Proof: Delhi Tribunal dismissed Revenue’s appeal against deletion of additions made on account of alleged bogus Long-Term Capital Gains (LTCG) from penny stock transactions. Assessee had filed her return declaring income of Rs. 4,15,910/- & claimed exempt LTCG of Rs. 37.97 lakh arising from sale of shares of Sunstar Realty Development Ltd. purchased in 2012. AO reopened assessment u/s 147 ba...