No Sec 153A Addition Without Incriminating Material; Penny Stock LTCG Deleted: ITAT Mumbai

ACIT Vs Bishan Jugraj Jain (ITAT Mumbai) No Addition U/s 153A Without Incriminating Material – Penny Stock LTCG Addition Deleted in Unabated Year – ITAT Mumbai AO made addition u/s 68 & 69C alleging bogus LTCG from penny stock transactions based on investigation wing report and IDS declaration by family members, despite search u/s 132 not yielding any incriminating material against assessee. CIT(A) deleted additions holding that impugned year was unabated and no addition can be made u/s 153A without seized material. ITAT upheld CIT(A) observing that AO relied only on third-party in...