The Delhi High Court upheld the ITAT order

 The Delhi High Court upheld the ITAT order

The Delhi High Court upheld the ITAT order wherein the tribunal has deleted the additions as unexplained credit under Section 68 read with Section 115BBE of the Income Tax Act, 1961 on account of bogus Long-Term Capital Gain on sale of penny stock on the ground that the assessing officer has not made independent enquiry and the addition made without any cogent material on record by placing reliance on the decision of a Coordinate Bench of this Court in PCIT vs. Smt. Krishna Devi [ITA 125/2022]. (ITA 477/2022)



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