https://www.taxtmi.com/caselaws?id=423553 The Court upheld the CIT (A)'s decision to delete the addition under section 68 related to penny stock transactions, finding the AO's actions unsustainable due to lack of evidence linking the appellant to rigging activities. The Court also allowed the appeal concerning the claim of STCS, directing the AO to delete the disallowed amount. Despite the appellant's argument for appeal based on organized tax evasion activity, the Court dismissed the appeal due to the absence of a special order from the Board. The Court did not delve into the merits of the case and maintained the CIT (A) order overruling the AO's decision. en-us Tue, 15 Mar 2022 00:00:00 +0530 Thu, 09 Jun 2022 08:16:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423553 The Court upheld the CIT (A)'s decision to delete the addition under section 68 related to penny stock transactions, finding the AO's actions unsustainable due to lack of evidence linking the appellant to rigging activities. The Court also allowed the appeal concerning the claim of STCS, directing the AO to delete the disallowed amount. Despite the appellant's argument for appeal based on organized tax evasion activity, the Court dismissed the appeal due to the absence of a special order from the Board. The Court did not delve into the merits of the case and maintained the CIT (A) order overruling the AO's decision. Case-Laws Income Tax Tue, 15 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423553