https://www.taxtmi.com/caselaws?id=753545 The ITAT Mumbai held in favor of the assessee regarding penny stock transactions challenged under section 68. The assessee, a regular share investor, provided comprehensive documentation including financial details, BSE price trends, company existence proof, and transaction records through SEBI-registered brokers with STT payment and banking channel receipts. The AO relied solely on investigation reports without independent inquiry, failing to establish price rigging or unaccounted money transactions. The Tribunal found the share transactions genuine and directed deletion of additions under sections 68 and 69C, allowing the appeal. en-us Mon, 03 Jun 2024 00:00:00 +0530 Tue, 04 Jun 2024 18:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753545 The ITAT Mumbai held in favor of the assessee regarding penny stock transactions challenged under section 68. The assessee, a regular share investor, provided comprehensive documentation including financial details, BSE price trends, company existence proof, and transaction records through SEBI-registered brokers with STT payment and banking channel receipts. The AO relied solely on investigation reports without independent inquiry, failing to establish price rigging or unaccounted money transactions. The Tribunal found the share transactions genuine and directed deletion of additions under sections 68 and 69C, allowing the appeal. Case-Laws Income Tax Mon, 03 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753545