https://www.taxtmi.com/caselaws?id=456006 The ITAT Ahmedabad allowed the assessee's appeal and deleted additions made under section 68 for alleged bogus LTCG from penny stock transactions. The AO had disallowed the claim based on information from the Directorate of Investigation Wing regarding accommodation LTCG schemes by entry operators. However, the tribunal found no cogent evidence establishing the assessee's involvement in such scams. The addition was deemed unsustainable as it was based merely on suspicion and assumption without concrete material proof from the Revenue. en-us Wed, 08 Jun 2022 00:00:00 +0530 Thu, 20 Jun 2024 10:31:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456006 The ITAT Ahmedabad allowed the assessee's appeal and deleted additions made under section 68 for alleged bogus LTCG from penny stock transactions. The AO had disallowed the claim based on information from the Directorate of Investigation Wing regarding accommodation LTCG schemes by entry operators. However, the tribunal found no cogent evidence establishing the assessee's involvement in such scams. The addition was deemed unsustainable as it was based merely on suspicion and assumption without concrete material proof from the Revenue. Case-Laws Income Tax Wed, 08 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456006