https://www.taxtmi.com/caselaws?id=773901 The HC dismissed the revenue's appeal challenging the Tribunal's deletion of additions under Sections 68 and 69C of the Income Tax Act. The AO had reopened assessment alleging bogus capital gains of Rs. 90,95,000/- in penny stocks, but the Tribunal found this information factually incorrect as the assessee's actual long-term capital gain was Rs. 41,98,896/- and no exemption under Section 10(38) was claimed for the alleged amount. The HC upheld that reopening under Section 147 requires credible information and additions under Sections 68 and 69C need proper factual foundation, not mere allegations of manipulation without supporting evidence. en-us Wed, 18 Jun 2025 00:00:00 +0530 Sat, 28 Jun 2025 10:44:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773901 The HC dismissed the revenue's appeal challenging the Tribunal's deletion of additions under Sections 68 and 69C of the Income Tax Act. The AO had reopened assessment alleging bogus capital gains of Rs. 90,95,000/- in penny stocks, but the Tribunal found this information factually incorrect as the assessee's actual long-term capital gain was Rs. 41,98,896/- and no exemption under Section 10(38) was claimed for the alleged amount. The HC upheld that reopening under Section 147 requires credible information and additions under Sections 68 and 69C need proper factual foundation, not mere allegations of manipulation without supporting evidence. Case-Laws Income Tax Wed, 18 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773901