https://www.taxtmi.com/caselaws?id=772207 The ITAT PUNE allowed the assessee's appeal regarding addition of sale consideration from equity shares of alleged penny stock company. The tribunal held that the assessee's claim of short-term capital gain was genuine as transactions were conducted through registered stock broker, recognized stock exchange, and banking channels. The CIT(A) had not confirmed addition u/s 68 and treated it as income from other sources. Revenue authorities failed to prove the assessee's direct involvement with promoters/entry operators manipulating share prices. The tribunal found merit in allowing deduction of purchase cost against sale consideration since purchases were made through proper banking channels. en-us Tue, 03 Jun 2025 00:00:00 +0530 Thu, 05 Jun 2025 08:25:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772207 The ITAT PUNE allowed the assessee's appeal regarding addition of sale consideration from equity shares of alleged penny stock company. The tribunal held that the assessee's claim of short-term capital gain was genuine as transactions were conducted through registered stock broker, recognized stock exchange, and banking channels. The CIT(A) had not confirmed addition u/s 68 and treated it as income from other sources. Revenue authorities failed to prove the assessee's direct involvement with promoters/entry operators manipulating share prices. The tribunal found merit in allowing deduction of purchase cost against sale consideration since purchases were made through proper banking channels. Case-Laws Income Tax Tue, 03 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772207