https://www.taxtmi.com/caselaws?id=762912 ITAT Delhi upheld AO's addition under section 68 read with section 115BBE for unexplained cash credit and denied exemption under section 10(38). The tribunal found that sale proceeds from penny stock shares were not genuine transactions but part of a systematic operation to introduce unaccounted money without paying taxes. The assessee failed to prove the genuineness of transactions involving artificially rigged share prices through entry operators. The tribunal confirmed the addition, ruling against the assessee for tax evasion through abuse of exemption provisions. en-us Thu, 26 Sep 2024 00:00:00 +0530 Tue, 10 Dec 2024 08:58:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762912 ITAT Delhi upheld AO's addition under section 68 read with section 115BBE for unexplained cash credit and denied exemption under section 10(38). The tribunal found that sale proceeds from penny stock shares were not genuine transactions but part of a systematic operation to introduce unaccounted money without paying taxes. The assessee failed to prove the genuineness of transactions involving artificially rigged share prices through entry operators. The tribunal confirmed the addition, ruling against the assessee for tax evasion through abuse of exemption provisions. Case-Laws Income Tax Thu, 26 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762912