https://www.taxtmi.com/caselaws?id=313322 Long-term capital gain claims on share sales may be denied where surrounding facts indicate a penny stock or accommodation entry arrangement. In this ITAT Hyderabad note, the Tribunal stated that contract notes, demat entries and bank records alone do not establish genuineness if the transaction is inconsistent with normal commercial conduct and stock-price behaviour. Applying the preponderance of probabilities test, it held that the assessee failed to rebut adverse material from departmental investigation and market patterns. The exemption claim was rejected and the addition treating the amount as unexplained income was sustained. en-us Tue, 21 Nov 2023 00:00:00 +0530 Sat, 06 Apr 2024 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313322 Long-term capital gain claims on share sales may be denied where surrounding facts indicate a penny stock or accommodation entry arrangement. In this ITAT Hyderabad note, the Tribunal stated that contract notes, demat entries and bank records alone do not establish genuineness if the transaction is inconsistent with normal commercial conduct and stock-price behaviour. Applying the preponderance of probabilities test, it held that the assessee failed to rebut adverse material from departmental investigation and market patterns. The exemption claim was rejected and the addition treating the amount as unexplained income was sustained. Case-Laws Income Tax Tue, 21 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313322