https://www.taxtmi.com/caselaws?id=449834 ITAT Chandigarh allowed the assessee's appeal against addition under section 68 for bogus LTCG from penny stocks. The tribunal held that share certificates found in family members' lockers, not the assessee's, were not incriminating in nature and corroborated disclosed share transactions. Following precedent in Ashish Jain case, the tribunal ruled that without incriminating material found during search, additions in completed assessments under section 153A cannot be sustained. The addition was deleted as the statement of third party could not supplement search material to make certificates incriminating. en-us Fri, 16 Feb 2024 00:00:00 +0530 Tue, 20 Feb 2024 09:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449834 ITAT Chandigarh allowed the assessee's appeal against addition under section 68 for bogus LTCG from penny stocks. The tribunal held that share certificates found in family members' lockers, not the assessee's, were not incriminating in nature and corroborated disclosed share transactions. Following precedent in Ashish Jain case, the tribunal ruled that without incriminating material found during search, additions in completed assessments under section 153A cannot be sustained. The addition was deleted as the statement of third party could not supplement search material to make certificates incriminating. Case-Laws Income Tax Fri, 16 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449834