https://www.taxtmi.com/caselaws?id=446712 ITAT Ahmedabad ruled in favor of the assessee regarding alleged bogus LTCG from penny stock sales. The tribunal found no evidence of price rigging or collusion between broker and assessee. AO failed to provide cross-examination opportunity despite assessee's request. The decision was supported by similar ITAT Mumbai and Kolkata rulings on identical stock and recent SC precedent in Renu Aggarwal case. For unexplained expenses, CIT(Appeals) directed pro-rata computation which was upheld. Appeal decided against revenue. en-us Mon, 25 Sep 2023 00:00:00 +0530 Fri, 08 Dec 2023 10:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446712 ITAT Ahmedabad ruled in favor of the assessee regarding alleged bogus LTCG from penny stock sales. The tribunal found no evidence of price rigging or collusion between broker and assessee. AO failed to provide cross-examination opportunity despite assessee's request. The decision was supported by similar ITAT Mumbai and Kolkata rulings on identical stock and recent SC precedent in Renu Aggarwal case. For unexplained expenses, CIT(Appeals) directed pro-rata computation which was upheld. Appeal decided against revenue. Case-Laws Income Tax Mon, 25 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446712