Allowing the appeal of the assessee the Tribunal held that, In order to treat the capital gains from penny stocks as bogus, the Dept has to show that there is a scam and that the assessee is part of the scam. The chain of events and the live link of the assesee’s action giving her involvement in the scam should be established. The Dept cannot rely on alleged modus operandi & human behavior and disregard the evidence produced by the assessee.  In the result, the appeal of the assessee is allowed.( I.T.A No. 2281/Kol/2017, dt. 20.07.2018)(AY. 2014-15)

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