Penny Stock Allegation Fails – ITAT Delhi upholds Exemption on LTCG  

DCIT Vs Sanjeev Agrawal HUF (ITAT Delhi) Penny Stock Allegation Fails – ITAT Delhi upholds Exemption on LTCG Revenue’s appeals arose from reassessment orders u/s 147 r.w.s. 143(3) wherein AO treated Long Term Capital Gain (LTCG) of ₹1.25 crore earned by Sanjeev Agrawal HUF on sale of 3.63 lakh shares of Capital Trade Link Ltd. as bogus accommodation entry, denying exemption u/s 10(38) & making further addition of unexplained commission u/s 69C. Assessee demonstrated that shares were purchased through banking channels, dematerialised in DMAT, & subsequently sold through registered...