Section 68 Addition Deleted as Revenue Failed to Link Assessee to Penny Stock Scam

DCIT Vs Nisha Shantaram Pokle (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, dismissed the Revenue’s appeal and upheld the order of the Commissioner of Income Tax (Appeals) [CIT(A)] deleting additions made under Section 68 of the Income-tax Act, 1961, in relation to Long-Term Capital Gain (LTCG) claimed by the assessee on the sale of shares of Marigold Glass Industries Ltd., subsequently known as Greencrest Financial Services Ltd. The Revenue had challenged the deletion of an addition of ₹5.96 crore treated as unexplained cash credit and a consequential addition of ₹35.7...