Addition of Unexplained Credit based on bogus LTCG on Sale of Penny Stock without Cogent evidence is not valid: Delhi HC [Read Order]

By Taxscan Team - On December 1, 2022 6:30 pm - 2 mins read
Addition of Unexplained Credit - Addition - Unexplained - bogus LTCG - bogus - LTCG - Sale of Penny Stock - penny stock - Cogent evidence - Delhi HC - taxscan

The Delhi Bench High Court has held that the Addition of unexplained credit based on bogus LTCG on the sale of penny stock without cogent evidence is not valid. Karuna Garg, the appellant contended that the ITAT has erred in deleting the additions of Rs.1,60,18,923/- as unexplained credit under Section 68 read with Section 115BBE…

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