Penny Stock LTCG Cannot Be Treated as Bogus Without Independent Evidence: ITAT Delhi

Smt. Ritu Jain Vs ACIT (ITAT Delhi) The appeal before the ITAT Delhi was filed by the assessee against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2015-16. The dispute concerned additions made under Section 68 of the Income Tax Act, where the Assessing Officer treated long-term capital gains (LTCG) from share transactions as non-genuine. Consequently, the entire sale proceeds amounting to Rs. 6,12,44,000/- were taxed as income under Section 115BBE, along with an additional addition of Rs. 12,24,880/- estimated as 2% commission allegedly paid for arranging bogus LT...