https://www.taxtmi.com/caselaws?id=464487 ITAT held that additions under s. 68 treating long-term capital gains from penny-stock transactions as non-genuine were unsustainable. The assessee produced broker records and relevant documents, the investigation report did not name the assessee or establish incriminating evidence, and no money trail linking the assessee to fabricated receipts was shown. Findings below rested on surmise and conjecture, and CIT(A) failed to apply independent mind. Additions were deleted and the appeal allowed. en-us Tue, 10 Jun 2025 00:00:00 +0530 Fri, 31 Oct 2025 19:09:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464487 ITAT held that additions under s. 68 treating long-term capital gains from penny-stock transactions as non-genuine were unsustainable. The assessee produced broker records and relevant documents, the investigation report did not name the assessee or establish incriminating evidence, and no money trail linking the assessee to fabricated receipts was shown. Findings below rested on surmise and conjecture, and CIT(A) failed to apply independent mind. Additions were deleted and the appeal allowed. Case-Laws Income Tax Tue, 10 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464487