https://www.taxtmi.com/caselaws?id=445548 Exempt long-term capital gain on sale of shares was held not bogus where the assessee showed purchase through banking channels, demat entries and sale through the stock exchange. The addition based on investigation reports, third-party statements and general suspicion of penny-stock manipulation failed because no specific adverse material rebutted the assessee's documents or established collusion or routing of unaccounted money. Mere reliance on surrounding circumstances, generalised findings or human probability was insufficient to disallow the claim without reliable contrary evidence. The exemption was therefore allowed. en-us Wed, 08 Nov 2023 00:00:00 +0530 Fri, 10 Nov 2023 08:45:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445548 Exempt long-term capital gain on sale of shares was held not bogus where the assessee showed purchase through banking channels, demat entries and sale through the stock exchange. The addition based on investigation reports, third-party statements and general suspicion of penny-stock manipulation failed because no specific adverse material rebutted the assessee's documents or established collusion or routing of unaccounted money. Mere reliance on surrounding circumstances, generalised findings or human probability was insufficient to disallow the claim without reliable contrary evidence. The exemption was therefore allowed. Case-Laws Income Tax Wed, 08 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445548