https://www.taxtmi.com/caselaws?id=782147 HC upheld the CIT(A)'s deletion of the addition made by the AO on account of alleged unexplained income from sale of shares of Global Capital Markets Ltd. The HC held that the AO had acted solely on generic information about penny stock transactions without disclosing the source of such information or confronting the assessee with specific material. The assessee's purchase in 2003 and sale in 2010 negated the allegation of short-term, accommodation-entry type gains, and the transactions were routed through the stock exchange with STT paid. In absence of concrete evidence of bogus transactions, the addition was unsustainable. en-us Tue, 04 Nov 2025 00:00:00 +0530 Tue, 25 Nov 2025 08:55:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782147 HC upheld the CIT(A)'s deletion of the addition made by the AO on account of alleged unexplained income from sale of shares of Global Capital Markets Ltd. The HC held that the AO had acted solely on generic information about penny stock transactions without disclosing the source of such information or confronting the assessee with specific material. The assessee's purchase in 2003 and sale in 2010 negated the allegation of short-term, accommodation-entry type gains, and the transactions were routed through the stock exchange with STT paid. In absence of concrete evidence of bogus transactions, the addition was unsustainable. Case-Laws Income Tax Tue, 04 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782147