Sale of shares cannot be treated as bogus if material recorded proves genuineness: ITAT Mumbai

Hema Ramesh Jain Vs ITO (ITAT Mumbai) ITAT Mumbai held that addition u/s. 68 of the Income Tax Act by treating transaction of sale of shares of Sunrise Asian as a bogus penny stock unsustainable as material on records supports genuineness of the transactions. Facts- The case of the assessee was selected for scrutiny. AO observed that the assessee had shown income from Capital Gains & other sources and claimed LTCG on sale of shares of the scrip Sunrise Asian. According to the AO, the scrip M/s. Sunrise was a penny-stock. AO was of the opinion that the assessee’s LTCG was part of an organ...