Penny Stock LTCG Addition Deleted – Investigation Report Alone Not Sufficient Without Direct Evidence: ITAT Mumbai

Rasila Lalitkumar Cholera Vs ITO (ITAT Mumbai)

Penny Stock LTCG Addition Deleted – Mere Investigation Report Insufficient Without Direct Evidence Against Assessee – ITAT Mumbai

The assessee challenged additions made in reassessment proceedings relating to alleged bogus long-term capital gain from shares of SVC Resources Ltd., which the AO treated as penny stock accommodation entries. The AO taxed the entire sale proceeds of ₹6.15 lakh u/s 68 and also added â

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