Tax Appeal Rejected: Penny Stock Long-Term Capital Gains and Commission Expenses Valid Under Sections 68 and 69C

ITAT dismissed tax authority's appeal regarding additions under sections 68 and 69C. Primary dispute concerned alleged bogus long-term capital gains (LTCG) from penny stock transactions and related commission expenditure. Following precedent from assessee's previous year case, ITAT upheld CIT(A)'s deletion of section 68 addition, noting assessee had discharged primary onus. Despite SEBI's suspension of scrip trading, tribunal applied doctrine of judicial discipline emphasizing consistency in decisions. Consequently, related addition under section 69C for unexplained commission to alleged entry operators was also dismissed as it was consequential to main section 68 dispute. Tribunal maintained consistent approach with earlier rulings on similar penny stock cases. .....

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