Summary
- The Tribunal has rejected allegations of Long-Term Capital Gains (LTCG) related to penny stocks, stating the Revenue lacked assessee-specific evidence.
- It determined that the addition under Section 68 could not be sustained due to the assessee's complete documentary evidence supporting share transactions.
- The ruling emphasized that the Assessing Officer failed to provide any cogent material to counter this evidence.
- This decision may set a precedent for future cases involving LTCG claims and the burden of proof on tax authorities.
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