https://www.taxtmi.com/caselaws?id=465284 HC held that additions under ss. 68 and 69C on account of alleged bogus penny stock transactions were unsustainable. Relying on SEBI's detailed inquiry, which found no violation by the concerned company, and noting absence of any adverse material against the registered broker, the Court found no basis to treat the share transactions as accommodation entries. The assessee had produced cogent documentary evidence, including contract notes, demat statements and details of bonus shares, all executed through BSE with applicable securities transaction tax paid. As the Revenue failed to rebut this evidence or establish price manipulation, the HC deleted the additions and decided the matter in favour of the assessee. en-us Tue, 25 Mar 2025 00:00:00 +0530 Sun, 14 Dec 2025 11:30:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465284 HC held that additions under ss. 68 and 69C on account of alleged bogus penny stock transactions were unsustainable. Relying on SEBI's detailed inquiry, which found no violation by the concerned company, and noting absence of any adverse material against the registered broker, the Court found no basis to treat the share transactions as accommodation entries. The assessee had produced cogent documentary evidence, including contract notes, demat statements and details of bonus shares, all executed through BSE with applicable securities transaction tax paid. As the Revenue failed to rebut this evidence or establish price manipulation, the HC deleted the additions and decided the matter in favour of the assessee. Case-Laws Income Tax Tue, 25 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465284