Penny Stock LTCG Accepted as Genuine; No Assessee-Specific Evidence for Additions

Amit Kumar Bajaj Vs DCIT (ITAT Mumbai) Penny Stock LTCG Held Genuine: Additions u/s 68 & 69C Deleted for Lack of Assessee-Specific Evidence The reassessment was reopened on the basis of an Investigation Wing report alleging that the assessee had taken accommodation entries in the guise of exempt long-term capital gains from sale of shares of Nouveau Global Ventures Ltd. The Assessing Officer treated the entire sale proceeds of ₹52.51 lakh as unexplained cash credit under section 68 and further added 3% commission under section 69C, mainly relying on abnormal price rise of the scrip, gene...