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Penny Stock LTCG Addition U/s 68 Deleted – Documentary Evidence Accepted; Suspicion Cannot Replace Proof – ITAT Mumbai

Case Law Details

Case Name : Dilip Bhanverlal Dangi (HUF) Vs ITO (ITAT Mumbai)
Related Assessment Year : 2014-15
Courts : All ITAT ITAT Mumbai
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Dilip Bhanverlal Dangi (HUF) Vs ITO (ITAT Mumbai)

Penny Stock LTCG Addition U/s 68 Deleted – Documentary Evidence Accepted; Suspicion Cannot Replace Proof – ITAT Mumbai

The assessee (HUF) claimed exemption u/s 10(38) on long-term capital gains of ₹19.41 lakh arising from sale of shares of Radford Global Ltd. The AO, relying on investigation reports alleging penny stock manipulation, rejected the exemption and treated entire sale proceeds of ₹19.97 lakh as unexplained cash credit

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Name: CA Vijayakumar Shetty
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Company: Shetty & Co, Chartered Accountants, Mangalore
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CA Vijayakumar Shetty qualified in 1994 and in practice since then. Founding partner of Shetty & Co. He is a graduate from St Aloysius College, Mangalore . View Full Profile

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