A Rs 70,000 investment in shares turned into a long-term capital gain of nearly Rs 1.93 crore for a Mumbai investor. But instead of accepting the gain as genuine, the Income Tax Department treated it as a bogus penny-stock transaction and added the entire amount to his taxable income. The case relates to Sanjaykumar Mehta, Mumbai, for Assessment Year 2015-16. In its September 4, 2026 order, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition of Rs 1,93,30,395, saying the taxpayer had produced documents supporting the share transactions and the tax department had not brought specific evidence linking him to any manipulation or accommodation-entry arrangement.