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HC upheld ITAT's decision rejecting AO's addition u/s 68 and allowing exemption u/s 10(38) for LTCG. The assessee demonstrated legitimate share transactions not appearing in AIR reports for penny stocks. ITAT found AO erred by not considering substantial documentation proving genuine investments, including BSE trading resumption notice for Wagend Infra Venture Limited. The transactions were validated as non-speculative long-term investments, supported by precedent of department accepting similar LTCG claims from assessee's father. CIT(A)'s detailed analysis of documentary evidence was affirmed by ITAT. HC found no substantial question of law warranting interference.
HC upheld ITAT's decision rejecting AO's addition u/s 68 and allowing exemption u/s 10(38) for LTCG. The assessee demonstrated legitimate share transactions not appearing in AIR reports for penny stocks. ITAT found AO erred by not considering substantial documentation proving genuine investments, including BSE trading resumption notice for Wagend Infra Venture Limited. The transactions were validated as non-speculative long-term investments, supported by precedent of department accepting similar LTCG claims from assessee's father. CIT(A)'s detailed analysis of documentary evidence was affirmed by ITAT. HC found no substantial question of law warranting interference.
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