No Evidence, No Rigging, No Bogus LTCG – Penny-Stock Theory Fails

Udita Gupta Vs ACIT (ITAT Delhi)

No Evidence, No Rigging, No Bogus LTCG – Penny-Stock Theory Fails- Human Probabilities Can’t Replace Proof

Assessee declared LTCG of Rs.1,04,06,840 from sale of shares of Yamini Investment Pvt Ltd & Goenka Business & Finance Ltd. AO treated both scrips as penny stocks, denied exemption, made addition u/s 68 & CIT(A) confirmed.

Before Tribunal, Assessee relied on the coordinate Bench decision in Rachna Gupta vs ACIT (ITA 5418/Del/2018 & 2531/Del/2022, order dated 20.12.2024), involving the sa

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