SC Allowed LTCG Exemption as Revenue Failed to Prove Penny Stock Manipulation

PCIT Vs Sanjaykumar Damjibhai Gangani (Supreme Court of India) Supreme Court Dismisses Revenue Appeal Due to Lack of Evidence of Bogus LTCG;  No Addition Under Section 68 Without Direct Proof of Accommodation Entries;  Penny Stock Allegation Rejected as Share Transactions Were Through Banking Channels;  Bogus LTCG Addition Deleted as SEBI Did Not Identify Scrip as Rigged. Read also HC Judgment in thie case:- PCIT Vs Sanjaykumar Damjibhai Gangani (Gujarat High Court) In this case, the Revenue challenged the order of the Income Tax Appellate Tribunal (ITAT), Surat Bench, which had deleted a...