https://www.taxtmi.com/caselaws?id=763633 ITAT Delhi ruled in favor of the assessee regarding addition under section 68 for treating share gains as bogus. The AO had deemed the shares as penny stocks due to huge profits, but the tribunal held that mere profit magnitude doesn't establish penny stock status. Despite penny stock characteristics being present, revenue failed to produce evidence linking the assessee to dubious transactions, price manipulation, or involvement with entry/exit providers. The tribunal found no material substantiating non-genuine transactions, noting that AO and CIT(A) relied on presumptions and human probabilities without concrete evidence against the assessee. en-us Fri, 20 Dec 2024 00:00:00 +0530 Mon, 23 Dec 2024 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763633 ITAT Delhi ruled in favor of the assessee regarding addition under section 68 for treating share gains as bogus. The AO had deemed the shares as penny stocks due to huge profits, but the tribunal held that mere profit magnitude doesn't establish penny stock status. Despite penny stock characteristics being present, revenue failed to produce evidence linking the assessee to dubious transactions, price manipulation, or involvement with entry/exit providers. The tribunal found no material substantiating non-genuine transactions, noting that AO and CIT(A) relied on presumptions and human probabilities without concrete evidence against the assessee. Case-Laws Income Tax Fri, 20 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763633