https://www.taxtmi.com/caselaws?id=456736 The ITAT Mumbai remanded the case back to the AO for fresh adjudication regarding bogus LTCG transactions in penny stocks. The tribunal found discrepancies in the assessee's share holdings - claiming to sell 70,000 shares while only purchasing 40,000 shares. The assessee's explanation about bonus shares lacked supporting evidence like allotment letters. The investee company showed minimal EPS (0.06) yet high share prices, with financials not reflecting claimed business activities. While the assessee produced contract notes and bank statements, the tribunal held these insufficient to prove transaction genuineness, granting one more opportunity for proper evidence submission. en-us Mon, 19 Feb 2024 00:00:00 +0530 Sat, 10 Aug 2024 18:36:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456736 The ITAT Mumbai remanded the case back to the AO for fresh adjudication regarding bogus LTCG transactions in penny stocks. The tribunal found discrepancies in the assessee's share holdings - claiming to sell 70,000 shares while only purchasing 40,000 shares. The assessee's explanation about bonus shares lacked supporting evidence like allotment letters. The investee company showed minimal EPS (0.06) yet high share prices, with financials not reflecting claimed business activities. While the assessee produced contract notes and bank statements, the tribunal held these insufficient to prove transaction genuineness, granting one more opportunity for proper evidence submission. Case-Laws Income Tax Mon, 19 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456736