https://www.taxtmi.com/caselaws?id=403416 The Delhi HC upheld ITAT's decision to delete additions made under Section 68 read with Section 115BBE regarding alleged bogus long-term capital gains through penny stocks. The court noted that shares were purchased online through banking channels, payments were made legitimately, shares were dematerialized, and sales proceeds were received through proper banking channels. The assessing officer conducted deficient enquiry and failed to provide independent evidence showing any agreement between the respondent and other parties for converting unaccounted money. The revenue could not demonstrate that money changed hands between the respondent and brokers or that entries were provided to obtain LTCG benefits. Without cogent material supporting the allegations, the additions could not be sustained. The court found no perversity in the tribunal's order. en-us Fri, 15 Jan 2021 00:00:00 +0530 Mon, 20 Jul 2026 13:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403416 The Delhi HC upheld ITAT's decision to delete additions made under Section 68 read with Section 115BBE regarding alleged bogus long-term capital gains through penny stocks. The court noted that shares were purchased online through banking channels, payments were made legitimately, shares were dematerialized, and sales proceeds were received through proper banking channels. The assessing officer conducted deficient enquiry and failed to provide independent evidence showing any agreement between the respondent and other parties for converting unaccounted money. The revenue could not demonstrate that money changed hands between the respondent and brokers or that entries were provided to obtain LTCG benefits. Without cogent material supporting the allegations, the additions could not be sustained. The court found no perversity in the tribunal's order. Case-Laws Income Tax Fri, 15 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403416