https://www.taxtmi.com/caselaws?id=408408 The Tribunal allowed the assessee's appeal, overturning the addition of the unexplained investment in the penny stock for A.Y 2011-12. The Tribunal found that the assessee, a trader in shares, had purchased the shares before the investigation report highlighted the company as a penny stock. It noted the assessee's trading activities in various companies and the lack of intention to gain from the penny stock investment, as evidenced by reinvestment of sale proceeds without claiming exemptions. The Tribunal deemed the disallowance unjustified due to insufficient verification of the investment sources. en-us Thu, 15 Apr 2021 00:00:00 +0530 Thu, 10 Jun 2021 08:41:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408408 The Tribunal allowed the assessee's appeal, overturning the addition of the unexplained investment in the penny stock for A.Y 2011-12. The Tribunal found that the assessee, a trader in shares, had purchased the shares before the investigation report highlighted the company as a penny stock. It noted the assessee's trading activities in various companies and the lack of intention to gain from the penny stock investment, as evidenced by reinvestment of sale proceeds without claiming exemptions. The Tribunal deemed the disallowance unjustified due to insufficient verification of the investment sources. Case-Laws Income Tax Thu, 15 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408408