High Court Reverses ITAT Decision, Upholds Additions u/s 68 for Fictitious Penny Stock Loss Claims.

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....Addition u/s 68 - sale transaction in penny stock shares - fictitious booked loss by the assessee - Assessee having not proved the genuineness of the claim, the creditworthiness of the companies in which they had invested and the identity of the persons to whom the transactions were done, have to necessarily fail. - Order of ITAT deleting the additions reversed - HC....