https://www.taxtmi.com/caselaws?id=759982 ITAT Mumbai upheld CIT(A)'s deletion of addition under section 68 for alleged bogus LTCG from penny stock transactions. AO had disallowed entire LTCG claim treating it as conversion of black money to white, based on Investigation Wing report and doubts about share price appreciation. ITAT followed binding HC precedents including Renu Agarwal, noting absence of adverse comments from stock exchange or company officials, and that AO relied on unrelated persons' statements with unfounded presumptions. Addition for commission also deleted. AO directed to verify and allow correct LTCG exemption under section 10(38). en-us Fri, 22 Mar 2024 00:00:00 +0530 Wed, 15 Jul 2026 11:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759982 ITAT Mumbai upheld CIT(A)'s deletion of addition under section 68 for alleged bogus LTCG from penny stock transactions. AO had disallowed entire LTCG claim treating it as conversion of black money to white, based on Investigation Wing report and doubts about share price appreciation. ITAT followed binding HC precedents including Renu Agarwal, noting absence of adverse comments from stock exchange or company officials, and that AO relied on unrelated persons' statements with unfounded presumptions. Addition for commission also deleted. AO directed to verify and allow correct LTCG exemption under section 10(38). Case-Laws Income Tax Fri, 22 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759982