https://www.taxtmi.com/caselaws?id=313315 ITAT Kolkata upheld addition under section 68 for unexplained cash credit and denied exemption under section 10(38) for alleged bogus LTCG from penny stock sales. The tribunal relied on precedent cases and found that AO and Commissioner (Appeals) properly applied inferential process considering surrounding circumstances, investigation findings, assessee's conduct, timing between buy-sell operations, and abnormal price rise during market recession. The decision went against the assessee. en-us Thu, 14 Sep 2023 00:00:00 +0530 Sat, 28 Mar 2026 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313315 ITAT Kolkata upheld addition under section 68 for unexplained cash credit and denied exemption under section 10(38) for alleged bogus LTCG from penny stock sales. The tribunal relied on precedent cases and found that AO and Commissioner (Appeals) properly applied inferential process considering surrounding circumstances, investigation findings, assessee's conduct, timing between buy-sell operations, and abnormal price rise during market recession. The decision went against the assessee. Case-Laws Income Tax Thu, 14 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313315