https://www.taxtmi.com/caselaws?id=311879 The ITAT Surat allowed the appeal and deleted additions made under sections 68 and 69C. The revenue authorities had treated share sale proceeds as bogus unexplained income based on suspicion regarding penny stock transactions. The tribunal held that additions cannot be made merely on suspicion without direct evidence proving transactions as non-genuine. The assessee provided sufficient evidence including contract notes, broker details, and banking records proving identity, nature and source of cash credit. Since transactions occurred on BSE platform with proper settlement system, genuineness was established. Consequential additions under section 69C and tax under section 115BBE were also deleted. en-us Thu, 27 Jul 2023 00:00:00 +0530 Thu, 18 Jan 2024 18:18:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311879 The ITAT Surat allowed the appeal and deleted additions made under sections 68 and 69C. The revenue authorities had treated share sale proceeds as bogus unexplained income based on suspicion regarding penny stock transactions. The tribunal held that additions cannot be made merely on suspicion without direct evidence proving transactions as non-genuine. The assessee provided sufficient evidence including contract notes, broker details, and banking records proving identity, nature and source of cash credit. Since transactions occurred on BSE platform with proper settlement system, genuineness was established. Consequential additions under section 69C and tax under section 115BBE were also deleted. Case-Laws Income Tax Thu, 27 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311879