https://www.taxtmi.com/caselaws?id=761779 ITAT Delhi ruled in favor of the assessee in a case involving reopening of assessment for alleged bogus Long Term Capital Gains (LTCG) and addition under section 68. The assessee was a regular investor who produced documents showing genuine transactions in shares, buying and selling when prices were high. The Assessing Officer relied solely on Investigation Wing reports without conducting independent inquiry or corroborating statements. No adverse SEBI reports existed against the scrip, and the AO denied cross-examination opportunities. The tribunal held that merely labeling a scrip as "penny stock" doesn't make all transactions bogus, and the AO failed to establish the transactions were accommodation entries. en-us Wed, 13 Nov 2024 00:00:00 +0530 Sat, 27 Jun 2026 11:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761779 ITAT Delhi ruled in favor of the assessee in a case involving reopening of assessment for alleged bogus Long Term Capital Gains (LTCG) and addition under section 68. The assessee was a regular investor who produced documents showing genuine transactions in shares, buying and selling when prices were high. The Assessing Officer relied solely on Investigation Wing reports without conducting independent inquiry or corroborating statements. No adverse SEBI reports existed against the scrip, and the AO denied cross-examination opportunities. The tribunal held that merely labeling a scrip as "penny stock" doesn't make all transactions bogus, and the AO failed to establish the transactions were accommodation entries. Case-Laws Income Tax Wed, 13 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761779