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The ITAT Mumbai addressed the issue of addition u/s 68 regarding penny stock transactions. The genuineness of share transactions was questioned, with the assessee claiming to be an investor supported by evidence such as financials, share price trends, and company existence. The AO doubted the transactions but failed to prove unaccounted money. The assessee's regular investment pattern through registered brokers, STT payments, and banking channel transactions were highlighted. Lack of AO's independent investigation and reliance on statements were noted. The Tribunal overturned the CIT(A)'s decision, directing deletion of additions u/s 68 & 69C in favor of the assessee, emphasizing the substantiated nature of the share transactions.
The ITAT Mumbai addressed the issue of addition u/s 68 regarding penny stock transactions. The genuineness of share transactions was questioned, with the assessee claiming to be an investor supported by evidence such as financials, share price trends, and company existence. The AO doubted the transactions but failed to prove unaccounted money. The assessee's regular investment pattern through registered brokers, STT payments, and banking channel transactions were highlighted. Lack of AO's independent investigation and reliance on statements were noted. The Tribunal overturned the CIT(A)'s decision, directing deletion of additions u/s 68 & 69C in favor of the assessee, emphasizing the substantiated nature of the share transactions.
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