In this case, the Income Tax Appellate Tribunal (ITAT) examined the additions made by the Assessing...

In this case, the Income Tax Appellate Tribunal (ITAT) examined the additions made by the Assessing Officer (AO) regarding long-term capital gains (LTCG) from share transactions treated as sham, additions u/ss 68 or 69A for unexplained credits, and addition u/s 69C for alleged unaccounted commission paid. The key points are: The claim for exemption on LTCG cannot be denied merely on suspicion or surmises regarding penny stocks, disregarding direct evidence like contract notes, banking channels, STT payment, and demat account. The AO must provide cogent corroborative material to establish unaccounted income routed back. Mere share value appreciation cannot justify treating transactions as fictitious. The shares were acquired through preferen..... .....

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