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 price rigging activity, the claim of ...