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ITAT reversed addition made by AO under s.68 regarding Long Term Capital Gains from penny stock transactions. Assessee traded shares of KPL through recognized stock exchange with documented payment trails via account payee cheques. Following precedents from Gujarat HC, tribunal found no evidence of price manipulation or cash kickbacks. Genuineness of transactions established as assessee had no control over share prices, payments were properly documented through banking channels, and trades executed through official exchange. The alleged unexplained cash credits treated as legitimate LTCG exempt under s.10(38), resulting in deletion of additions made by AO. Appeal allowed in assessee's favor.
ITAT reversed addition made by AO under s.68 regarding Long Term Capital Gains from penny stock transactions. Assessee traded shares of KPL through recognized stock exchange with documented payment trails via account payee cheques. Following precedents from Gujarat HC, tribunal found no evidence of price manipulation or cash kickbacks. Genuineness of transactions established as assessee had no control over share prices, payments were properly documented through banking channels, and trades executed through official exchange. The alleged unexplained cash credits treated as legitimate LTCG exempt under s.10(38), resulting in deletion of additions made by AO. Appeal allowed in assessee's favor.
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