https://www.taxtmi.com/caselaws?id=767659 The ITAT Mumbai dismissed the revenue's appeal regarding addition under section 68 for penny stock transactions. The assessee was not named in Investigation Wing reports or SEBI orders for manipulation. The CIT(A) accepted documentary evidence including demat accounts, contract notes, and ledgers, which the AO never rejected or challenged. Despite dealing with suspicious scrips, no evidence proved the assessee's involvement in price rigging or irregularities. The tribunal noted the assessee regularly traded shares in high volumes and had not claimed capital gains on these transactions. en-us Thu, 20 Mar 2025 00:00:00 +0530 Sat, 22 Mar 2025 08:34:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767659 The ITAT Mumbai dismissed the revenue's appeal regarding addition under section 68 for penny stock transactions. The assessee was not named in Investigation Wing reports or SEBI orders for manipulation. The CIT(A) accepted documentary evidence including demat accounts, contract notes, and ledgers, which the AO never rejected or challenged. Despite dealing with suspicious scrips, no evidence proved the assessee's involvement in price rigging or irregularities. The tribunal noted the assessee regularly traded shares in high volumes and had not claimed capital gains on these transactions. Case-Laws Income Tax Thu, 20 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767659