No Penny Stock LTCG Additions on Suspicion or Modus Operandi Alone

Kamal Khetan Vs DCIT (ITAT Mumbai)

Suspicion can’t replace Proof-  Banking & Demat records win the day-Penny Stock additions deleted –   No direct evidence linking assessee to price manipulation in shares – Modus operandi  spelt by itself is not an adequate ground to impeach the  transactions- ITAT Mumbai

Mumbai ITAT quashed additions made on alleged bogus Long-Term Capital Gains (LTCG) from penny stock transactions, holding that in the absence of specific incriminating material linking Assessee to any accommodation entry provider or p

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