Penny Stock LTCG Held Genuine Despite Investigation Reports: ITAT Mumbai

ITO Vs Sunita Chaudhary (ITAT Mumbai) Penny Stock LTCG Upheld as Genuine: ITAT Mumbai Dismisses Revenue Appeal Despite Investigation Reports The Mumbai ITAT (G-Bench) dismissed the Revenue’s appeal for AY 2014-15 and upheld deletion of ₹2.92 crore added as alleged bogus LTCG on sale of shares of First Financial Services Ltd., along with deletion of ₹78,931 as alleged commission. The Tribunal affirmed the CIT(A)’s reliance on its own binding decision in the assessee’s case for AY 2013-14, involving the same scrip and identical facts, wherein the gains were held to be genuine. Cruciall...