Jodhpur ITAT: Penny Stock LTCG Cannot Be Treated as Bogus Without Linking Evidence

AdvertisementRam Niwas Chouhan Vs ITO (ITAT Jodhpur)Jodhpur ITAT: Penny Stock LTCG Cannot Be Branded Bogus Merely on Investigation Wing Report – No Addition Without Evidence Linking Assessee to Accommodation EntryThe Jodhpur ITAT in Ram Niwas Chouhan v. ITO, ITA No. The Tribunal found that the AO had entirely relied upon the Kolkata Investigation Wing report, which was only general in nature. Significantly, the assessee’s name did not figure in the Investigation Wing report, nor was there anything therein showing that he had indulged in any illegal or irregular activity. According to the report of the investigation wing, M/s Maa Jagdambe Tradelinks Ltd. is one of those penny stock companies. 29,79,412/- and after reducing the cost of acquisition has offered long term gains of Rs.