https://www.taxtmi.com/caselaws?id=761823 ITAT Chandigarh allowed the assessee's appeal regarding bogus LTCG claims. The tribunal held that long-term capital gains exemption cannot be denied based on presumption about penny stock transactions when direct evidence exists, including broker contract notes, banking channels receipts, STT payment, and demat accounts. The AO failed to provide cogent corroborative material proving unaccounted income routing. Share transactions supported by proper documentation cannot be treated as bogus without tangible evidence of collusion. Additions under sections 68, 69A, and 69C were deleted as they were based on assumptions without substantial proof. en-us Tue, 08 Oct 2024 00:00:00 +0530 Sat, 16 Nov 2024 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761823 ITAT Chandigarh allowed the assessee's appeal regarding bogus LTCG claims. The tribunal held that long-term capital gains exemption cannot be denied based on presumption about penny stock transactions when direct evidence exists, including broker contract notes, banking channels receipts, STT payment, and demat accounts. The AO failed to provide cogent corroborative material proving unaccounted income routing. Share transactions supported by proper documentation cannot be treated as bogus without tangible evidence of collusion. Additions under sections 68, 69A, and 69C were deleted as they were based on assumptions without substantial proof. Case-Laws Income Tax Tue, 08 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761823