https://www.taxtmi.com/caselaws?id=312455 ITAT Kolkata allowed the assessee's appeal against addition under section 68 for bogus LTCG from penny stock transactions. The tribunal found no adverse material to support allegations of price rigging or manipulation. The assessee provided genuine evidence including bills, contract notes, demat statements, and bank records proving transaction authenticity. Neither AO nor CIT(A) found evidence false or issued broker confirmation notices. The tribunal held authorities below erred in rejecting section 10(38) exemption based on suspicion without legal evidence. Addition of sale proceeds as undisclosed income was deleted, along with 5% commission disallowance under section 69C. en-us Fri, 25 Jan 2019 00:00:00 +0530 Tue, 20 Feb 2024 06:29:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312455 ITAT Kolkata allowed the assessee's appeal against addition under section 68 for bogus LTCG from penny stock transactions. The tribunal found no adverse material to support allegations of price rigging or manipulation. The assessee provided genuine evidence including bills, contract notes, demat statements, and bank records proving transaction authenticity. Neither AO nor CIT(A) found evidence false or issued broker confirmation notices. The tribunal held authorities below erred in rejecting section 10(38) exemption based on suspicion without legal evidence. Addition of sale proceeds as undisclosed income was deleted, along with 5% commission disallowance under section 69C. Case-Laws Income Tax Fri, 25 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312455