https://www.taxtmi.com/caselaws?id=778521 ITAT MUMBAI (AT) upheld deletion of addition under s.69C relating to purchase of penny-stock scrips. The tribunal found investments recorded in books, trades executed on a recognized exchange, payments routed through banking channels, and an FIR lodged against the broker for fraudulent transactions; AO conducted no independent inquiry or proof that purchase cost lay outside books. CIT(A)'s deletion was sustained and the addition was disallowed in favour of the assessee. en-us Fri, 17 Jan 2025 00:00:00 +0530 Thu, 18 Sep 2025 08:30:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778521 ITAT MUMBAI (AT) upheld deletion of addition under s.69C relating to purchase of penny-stock scrips. The tribunal found investments recorded in books, trades executed on a recognized exchange, payments routed through banking channels, and an FIR lodged against the broker for fraudulent transactions; AO conducted no independent inquiry or proof that purchase cost lay outside books. CIT(A)'s deletion was sustained and the addition was disallowed in favour of the assessee. Case-Laws Income Tax Fri, 17 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778521