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ITAT upheld disallowance of bogus long-term capital gains claimed by assessee on sale of penny stock shares. Investigation revealed assessee obtained accommodation entries through share broker who provided fictitious transactions. Tribunal found multiple discrepancies: assessee was not regular share investor, target company lacked sound financials justifying investment, astronomical gains occurred within short duration, family members engaged in similar bogus LTCG schemes, shares purchased off-market and dematerialized shortly before sale. Share certificate dated after shares appeared in assessee's account, indicating fictitious transactions. Applying Sumati Dayal precedent regarding preponderance of human probabilities, ITAT concluded assessee introduced unaccounted cash disguised as exempt LTCG. Addition sustained based on surrounding circumstances establishing bogus nature of transactions.
ITAT upheld disallowance of bogus long-term capital gains claimed by assessee on sale of penny stock shares. Investigation revealed assessee obtained accommodation entries through share broker who provided fictitious transactions. Tribunal found multiple discrepancies: assessee was not regular share investor, target company lacked sound financials justifying investment, astronomical gains occurred within short duration, family members engaged in similar bogus LTCG schemes, shares purchased off-market and dematerialized shortly before sale. Share certificate dated after shares appeared in assessee's account, indicating fictitious transactions. Applying Sumati Dayal precedent regarding preponderance of human probabilities, ITAT concluded assessee introduced unaccounted cash disguised as exempt LTCG. Addition sustained based on surrounding circumstances establishing bogus nature of transactions.
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