Penny Stock Transactions: ITAT Delhi Upholds Deletion of LTCG Addition

DCIT Vs Bal Kishan Arora (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi, in the case of DCIT vs. Bal Kishan Arora for the Assessment Year 2015-16, dismissed the appeal filed by the Revenue against an order passed by the National Faceless Appeal Centre. The primary contention of the Revenue was against the deletion of an addition of ₹1.99 crore made by the Assessing Officer (AO) under Section 68 of the Income Tax Act, 1961, treating the assessee’s capital gains from the sale of shares as unexplained income. The AO had questioned the genuineness of the assessee’s capital gain...