https://www.taxtmi.com/caselaws?id=304995 HC dismissed the Revenue's appeal challenging deletion of addition u/s 68 relating to alleged penny stock transactions. It upheld the ITAT's affirmation of CIT(A)'s order, noting that the Assessing Officer had relied on general allegations and statements of unrelated persons without any specific incriminating material against the assessee. There was no adverse report from the stock exchange or the concerned company, nor any evidence linking the assessee to bogus transactions. Holding that the issue stood concluded by concurrent factual findings, HC found no substantial question of law arising. en-us Wed, 06 Jul 2022 00:00:00 +0530 Wed, 29 Apr 2026 14:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304995 HC dismissed the Revenue's appeal challenging deletion of addition u/s 68 relating to alleged penny stock transactions. It upheld the ITAT's affirmation of CIT(A)'s order, noting that the Assessing Officer had relied on general allegations and statements of unrelated persons without any specific incriminating material against the assessee. There was no adverse report from the stock exchange or the concerned company, nor any evidence linking the assessee to bogus transactions. Holding that the issue stood concluded by concurrent factual findings, HC found no substantial question of law arising. Case-Laws Income Tax Wed, 06 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304995