Allowing the appeal of the assessee the Tribunal held that; Capital gains cannot be treated as bogus solely on the basis that the price of the shares has risen manifold and the reason for astronomical rise is not related to any fundamentals of market. If the transactions are duly proved by trading from stock exchange and the documentation is proper, the gains cannot be assessed as unexplained credit or as unexplained money. (ITA No. 2766/Del/2018, dt. 26.11.2018) (AY. 2014-15)
Mukta Gupta v. ITO (Delhi)(Trib), www.itatonline.org Mohan Lal Agarwal (HUF) v. ITO (Delhi)(Trib), www.itatonline.org
S. 45 : Capital gains-Penny Stocks-Capital gains cannot be treated as bogus solely on the basis that the price of the shares has risen manifold and the reason for astronomical rise is not related to any fundamentals of market-If the transactions are duly proved by trading from stock exchange and the documentation is proper, the gains cannot be assessed as unexplained credit or as unexplained money. [S. 10 (38), 68, 69]