https://www.taxtmi.com/caselaws?id=766531 The ITAT Ahmedabad held that mere categorization of shares as penny stocks or price fluctuations does not automatically render transactions non-genuine. The revenue must demonstrate the entire money trail was fabricated to introduce unaccounted income. While the primary burden lies on the assessee to prove transaction genuineness, the burden shifts to revenue to provide specific evidence of tax evasion schemes. The AO failed to conduct detailed investigation proving the assessee's participation in manipulation schemes. The tribunal allowed the assessee's grounds, ruling that taxing entire sale consideration without allowing purchase cost violates established judicial principles, and deleted the addition. en-us Tue, 25 Feb 2025 00:00:00 +0530 Thu, 27 Feb 2025 08:14:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766531 The ITAT Ahmedabad held that mere categorization of shares as penny stocks or price fluctuations does not automatically render transactions non-genuine. The revenue must demonstrate the entire money trail was fabricated to introduce unaccounted income. While the primary burden lies on the assessee to prove transaction genuineness, the burden shifts to revenue to provide specific evidence of tax evasion schemes. The AO failed to conduct detailed investigation proving the assessee's participation in manipulation schemes. The tribunal allowed the assessee's grounds, ruling that taxing entire sale consideration without allowing purchase cost violates established judicial principles, and deleted the addition. Case-Laws Income Tax Tue, 25 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766531