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        Case ID :
        Income Tax

        Assessment u/s 153A - Addition u/s 68 - bogus LTCG - penny...

        Tribunal Overturns Additions on Alleged Bogus LTCG from Penny Stocks; No Incriminating Evidence Found in Seized Docs.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Assessment u/s 153A - Addition u/s 68 - bogus LTCG - penny Stocks - whether documents found during the course of search were of incriminating nature? - The tribunal noted that the documents seized (share certificates and contract notes), alleged to be incriminating, corroborated the disclosed transactions of the purchase and sale of shares, thus not qualifying as 'incriminating evidence' discovered during the search. - The ITAT also observed that reliance on statements recorded outside the assessee's search operation, particularly from a broker, cannot augment the material found during the search to categorize it as incriminating. - Additions deleted.
                                Note: It is a system-generated summary and is for quick reference only.
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