https://www.taxtmi.com/caselaws?id=432567 The Tribunal upheld the denial of exemption for long-term capital gain, addition of sale consideration as unexplained credit under section 68, and addition of unexplained commission paid under section 69C. The transactions involving penny stock were deemed non-genuine, part of a scheme to convert unaccounted income into tax-exempt LTCG. The assessee failed to prove transaction genuineness, purchaser identity, and creditworthiness. The Tribunal agreed with lower authorities, citing precedents and investigative findings, ultimately dismissing the appeal and affirming the additions while denying the exemption. en-us Tue, 06 Dec 2022 00:00:00 +0530 Mon, 09 Jan 2023 08:58:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432567 The Tribunal upheld the denial of exemption for long-term capital gain, addition of sale consideration as unexplained credit under section 68, and addition of unexplained commission paid under section 69C. The transactions involving penny stock were deemed non-genuine, part of a scheme to convert unaccounted income into tax-exempt LTCG. The assessee failed to prove transaction genuineness, purchaser identity, and creditworthiness. The Tribunal agreed with lower authorities, citing precedents and investigative findings, ultimately dismissing the appeal and affirming the additions while denying the exemption. Case-Laws Income Tax Tue, 06 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432567