https://www.taxtmi.com/caselaws?id=313321 The ITAT Surat upheld CIT(A)'s decision to delete additions made by AO regarding alleged bogus LTCG/STCG transactions in penny stocks. The AO made additions based on unverified information from Investigation Wing without sharing details with the assessee or examining evidence of legitimate share transactions. The assessee provided complete documentation including contract notes, demat account records, and bank statements proving bona fide transactions with STT payment and seven-year holding period. The AO failed to establish any connection between the assessee and alleged price manipulation, violating natural justice principles. The revenue's appeal was dismissed as tax effect was below CBDT monetary limits and no audit objection material was presented. en-us Mon, 18 Sep 2023 00:00:00 +0530 Sat, 06 Apr 2024 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313321 The ITAT Surat upheld CIT(A)'s decision to delete additions made by AO regarding alleged bogus LTCG/STCG transactions in penny stocks. The AO made additions based on unverified information from Investigation Wing without sharing details with the assessee or examining evidence of legitimate share transactions. The assessee provided complete documentation including contract notes, demat account records, and bank statements proving bona fide transactions with STT payment and seven-year holding period. The AO failed to establish any connection between the assessee and alleged price manipulation, violating natural justice principles. The revenue's appeal was dismissed as tax effect was below CBDT monetary limits and no audit objection material was presented. Case-Laws Income Tax Mon, 18 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313321