https://www.taxtmi.com/caselaws?id=440818 HC dismissed Revenue's appeal, upholding ITAT and CIT(A) orders deleting addition under s.68 for alleged penny stock / bogus share transactions. HC held that the assessee had fully discharged the onus under s.68 by demonstrating purchase of shares through the stock exchange, payment by account-payee cheques, transfer and holding in Demat account for over a year, and subsequent sale through the stock exchange with proper contract notes and delivery instructions. Sale consideration was received through banking channels and credited to the assessee's bank account. In absence of contrary evidence, capital gains could not be treated as unexplained cash credits. en-us Wed, 12 Jul 2023 00:00:00 +0530 Mon, 15 Dec 2025 16:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440818 HC dismissed Revenue's appeal, upholding ITAT and CIT(A) orders deleting addition under s.68 for alleged penny stock / bogus share transactions. HC held that the assessee had fully discharged the onus under s.68 by demonstrating purchase of shares through the stock exchange, payment by account-payee cheques, transfer and holding in Demat account for over a year, and subsequent sale through the stock exchange with proper contract notes and delivery instructions. Sale consideration was received through banking channels and credited to the assessee's bank account. In absence of contrary evidence, capital gains could not be treated as unexplained cash credits. Case-Laws Income Tax Wed, 12 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440818