https://www.taxtmi.com/caselaws?id=751082 ITAT Delhi allowed the assessee's appeal regarding denial of exemption under section 10(38) and additions under sections 69 and 68. The tribunal held that CCL International Ltd was not a penny stock company as alleged by AO, finding no material evidence of price manipulation or adverse SEBI action. The company was legitimately listed and engaged in genuine business with reported incomes. Capital gains from share sale were deemed genuine, entitling exemption under section 10(38). Regarding unsecured loans, the tribunal found the assessee adequately proved identity, creditworthiness, and genuineness of transactions for all three lenders, directing deletion of additions under section 68. en-us Wed, 03 Apr 2024 00:00:00 +0530 Sat, 06 Apr 2024 09:05:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751082 ITAT Delhi allowed the assessee's appeal regarding denial of exemption under section 10(38) and additions under sections 69 and 68. The tribunal held that CCL International Ltd was not a penny stock company as alleged by AO, finding no material evidence of price manipulation or adverse SEBI action. The company was legitimately listed and engaged in genuine business with reported incomes. Capital gains from share sale were deemed genuine, entitling exemption under section 10(38). Regarding unsecured loans, the tribunal found the assessee adequately proved identity, creditworthiness, and genuineness of transactions for all three lenders, directing deletion of additions under section 68. Case-Laws Income Tax Wed, 03 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751082