https://www.taxtmi.com/caselaws?id=465475 The dominant issue was whether the share sale proceeds/capital gains could be treated as unexplained cash credit under s.68 based on an Investigation Wing report alleging penny-stock manipulation. The ITAT held that generalized investigation material and third-party statements, without any specific evidence of the assessee's connivance or any independent enquiry linking the assessee's BSE-traded, demat-credited, banking-channel transactions to rigging, could not displace contemporaneous documentary evidence. The s.68 addition was therefore deleted. As the ad hoc disallowance/addition under s.69C was merely consequential to the s.68 finding, it was also deleted, and the appeal was allowed. en-us Mon, 26 May 2025 00:00:00 +0530 Fri, 26 Dec 2025 19:22:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465475 The dominant issue was whether the share sale proceeds/capital gains could be treated as unexplained cash credit under s.68 based on an Investigation Wing report alleging penny-stock manipulation. The ITAT held that generalized investigation material and third-party statements, without any specific evidence of the assessee's connivance or any independent enquiry linking the assessee's BSE-traded, demat-credited, banking-channel transactions to rigging, could not displace contemporaneous documentary evidence. The s.68 addition was therefore deleted. As the ad hoc disallowance/addition under s.69C was merely consequential to the s.68 finding, it was also deleted, and the appeal was allowed. Case-Laws Income Tax Mon, 26 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465475