ITAT Quashes ₹4.27 cr Addition in Alleged Bogus LTCG from Penny Stock Transactions Citing Lack of Fair Opportunity for Senior Citizen

The ITAT quashed a ₹4.27 crore addition made by the tax department in a case involving alleged bogus long-term capital gains (LTCG) from penny stock transactions. The tribunal ruled in favor of the senior citizen taxpayer, stating that the authorities had failed to provide sufficient evidence and had denied the taxpayer a fair opportunity to present their case. This decision underscores the need for proper investigation and adherence to legal procedures in tax matters.