https://www.taxtmi.com/caselaws?id=423829 Penny stock capital gains claims may be treated as bogus under section 68 where abnormal price movement, accommodation-entry material, and surrounding market circumstances indicate a pre-arranged and manipulated transaction. Documentary proof such as contract notes, demat entries, and banking records did not, by itself, discharge the assessee's burden when human probabilities and circumstantial evidence pointed the other way. The Court also upheld revision under section 263 because the Assessing Officers had failed to make proper enquiry into the genuineness of the exempt capital-gains claims, leaving the assessments both erroneous and prejudicial to the Revenue. en-us Tue, 14 Jun 2022 00:00:00 +0530 Thu, 29 May 2025 14:32:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423829 Penny stock capital gains claims may be treated as bogus under section 68 where abnormal price movement, accommodation-entry material, and surrounding market circumstances indicate a pre-arranged and manipulated transaction. Documentary proof such as contract notes, demat entries, and banking records did not, by itself, discharge the assessee's burden when human probabilities and circumstantial evidence pointed the other way. The Court also upheld revision under section 263 because the Assessing Officers had failed to make proper enquiry into the genuineness of the exempt capital-gains claims, leaving the assessments both erroneous and prejudicial to the Revenue. Case-Laws Income Tax Tue, 14 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423829