https://www.taxtmi.com/caselaws?id=461912 The HC ruled in favor of the assessee regarding addition of sale proceeds from penny stock transactions under section 68. Despite the Investigating Wing's report raising doubts about the transactions, SEBI's detailed inquiry found no statutory violations against the trading company. The assessee provided complete evidence including contract notes, demat details, and bonus share information, which authorities did not dispute. The transactions were conducted through BSE platform with proper security transaction tax payment through registered brokers, with no allegations of price manipulation against the brokers. en-us Mon, 18 Mar 2024 00:00:00 +0530 Wed, 07 May 2025 15:01:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461912 The HC ruled in favor of the assessee regarding addition of sale proceeds from penny stock transactions under section 68. Despite the Investigating Wing's report raising doubts about the transactions, SEBI's detailed inquiry found no statutory violations against the trading company. The assessee provided complete evidence including contract notes, demat details, and bonus share information, which authorities did not dispute. The transactions were conducted through BSE platform with proper security transaction tax payment through registered brokers, with no allegations of price manipulation against the brokers. Case-Laws Income Tax Mon, 18 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461912