https://www.taxtmi.com/caselaws?id=782527 ITAT Delhi upheld the order of CIT(A) deleting the addition u/s 68 on alleged unaccounted income from sale of penny stock shares, noting that the assessee sold shares through a recognized stock exchange via a SEBI-registered broker, routed transactions through banking channels, furnished all required details, and offered tax on the capital gains without claiming exemption u/s 10(38). ITAT found CIT(A) had correctly applied the law. ITAT further held that reassessment initiated beyond four years from the end of the assessment year, based merely on portal information without independent enquiry, when the assessee had already disclosed STCG and paid tax, amounted to a change of opinion and was invalid; the reopening was quashed. en-us Thu, 27 Nov 2025 00:00:00 +0530 Mon, 01 Dec 2025 08:50:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782527 ITAT Delhi upheld the order of CIT(A) deleting the addition u/s 68 on alleged unaccounted income from sale of penny stock shares, noting that the assessee sold shares through a recognized stock exchange via a SEBI-registered broker, routed transactions through banking channels, furnished all required details, and offered tax on the capital gains without claiming exemption u/s 10(38). ITAT found CIT(A) had correctly applied the law. ITAT further held that reassessment initiated beyond four years from the end of the assessment year, based merely on portal information without independent enquiry, when the assessee had already disclosed STCG and paid tax, amounted to a change of opinion and was invalid; the reopening was quashed. Case-Laws Income Tax Thu, 27 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782527