https://www.taxtmi.com/caselaws?id=168798 HC upheld the ITAT's deletion of an addition under section 69 relating to alleged unexplained investment in penny stocks, finding the assessee produced share transfer certificates and that purchases and sales were genuine. Revenue did not demonstrate that shares remained with the assessee or that sale proceeds exceeded declared amounts. Minor discrepancies in a director's statement were outweighed by corroborative employee testimony. The Assessing Officer's treatment as unexplained investment was reversed; decision in favour of the assessee. en-us Wed, 07 Sep 2011 00:00:00 +0530 Wed, 20 Aug 2025 18:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168798 HC upheld the ITAT's deletion of an addition under section 69 relating to alleged unexplained investment in penny stocks, finding the assessee produced share transfer certificates and that purchases and sales were genuine. Revenue did not demonstrate that shares remained with the assessee or that sale proceeds exceeded declared amounts. Minor discrepancies in a director's statement were outweighed by corroborative employee testimony. The Assessing Officer's treatment as unexplained investment was reversed; decision in favour of the assessee. Case-Laws Income Tax Wed, 07 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168798