Penny Stock LTCG Additions on mere Conjecture Unjustified: ITAT Mumbai

Sangita Ben Mardia Vs ITO (ITAT Mumbai)

Income Tax Appellate Tribunal (ITAT) Mumbai has overturned the reopening of assessments and subsequent additions made by the Assessing Officer (AO) in the case of Sangita Ben Mardia for the Assessment Years (AYs) 2015-16 and 2016-17. The Tribunal’s decision, issued on May 28, 2025, emphasizes the necessity of independent inquiry and concrete evidence to establish accommodation entries, rather than solely relying on generic investigation reports.

Sangita Ben Mardia, a resident individual, had claimed exemption for Long Term Capita

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