No section 68 addition merely for trading in penny stock: ITAT Mumbai

DCIT Vs Arihant Suresh Jain (ITAT Mumbai) No addition u/s. 68 of the Income Tax Act, 1961, merely for trading in penny stock, when the assessee submits necessary details and the AO fails to bring anything contrary on record. Facts of the case: The assessee’s case was reopened based on the information received from the investigation wing, alleging that the assessee was a beneficiary of bogus Long Term Capital Gain (LTCG) /Short Term Capital Loss (STCL) through trading in scrips of VMS Industries and Scan Steels Limited. During the reassessment proceedings, the assessee did not make any re...