https://www.taxtmi.com/caselaws?id=775038 The ITAT Raipur allowed the assessee's appeal on procedural grounds regarding addition under section 68 and denial of long-term capital gains exemption under section 10(38) for penny stock transactions. The Revenue relied on "credible information" and CBDT's penny stock list but failed to provide these materials to the assessee for representation. The ITAT held that quasi-judicial authorities must provide all collected information to assessees for self-defense and submissions, emphasizing that principles of natural justice are fundamental in Income-tax Act proceedings as welfare legislation. Finding non-compliance with natural justice principles by the Revenue, the ITAT set aside the CIT(A)-NFAC order and remanded the matter for fresh adjudication according to law. The appeal was allowed for statistical purposes. en-us Thu, 03 Jul 2025 00:00:00 +0530 Fri, 18 Jul 2025 08:22:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775038 The ITAT Raipur allowed the assessee's appeal on procedural grounds regarding addition under section 68 and denial of long-term capital gains exemption under section 10(38) for penny stock transactions. The Revenue relied on "credible information" and CBDT's penny stock list but failed to provide these materials to the assessee for representation. The ITAT held that quasi-judicial authorities must provide all collected information to assessees for self-defense and submissions, emphasizing that principles of natural justice are fundamental in Income-tax Act proceedings as welfare legislation. Finding non-compliance with natural justice principles by the Revenue, the ITAT set aside the CIT(A)-NFAC order and remanded the matter for fresh adjudication according to law. The appeal was allowed for statistical purposes. Case-Laws Income Tax Thu, 03 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775038