https://www.taxtmi.com/caselaws?id=462139 ITAT Mumbai held that sale proceeds from alleged penny stock transactions cannot be treated as unexplained cash credits under section 68. The tribunal found that purchase of shares in earlier years was accepted by revenue, sales occurred through stock exchange online platform, and proceeds were received through banking channels via stock broker. AO failed to establish price rigging or find fault with documentary evidence. Following Jamnadevi Agarwal precedent, transactions with genuine documentary evidence cannot be considered bogus. Addition deleted by CIT(A) was upheld, ruling against revenue. en-us Thu, 21 Mar 2024 00:00:00 +0530 Tue, 27 May 2025 19:09:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462139 ITAT Mumbai held that sale proceeds from alleged penny stock transactions cannot be treated as unexplained cash credits under section 68. The tribunal found that purchase of shares in earlier years was accepted by revenue, sales occurred through stock exchange online platform, and proceeds were received through banking channels via stock broker. AO failed to establish price rigging or find fault with documentary evidence. Following Jamnadevi Agarwal precedent, transactions with genuine documentary evidence cannot be considered bogus. Addition deleted by CIT(A) was upheld, ruling against revenue. Case-Laws Income Tax Thu, 21 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462139