https://www.taxtmi.com/caselaws?id=784109 Where the AO treated share sale proceeds as unexplained cash credit under s.68 and denied s.10(38) exemption as bogus, the Tribunal held that generalized Investigation Wing reports, alleged modus operandi, and adverse findings against brokers/scrip in other years cannot substitute for specific evidence against the assessee. As no nexus, money trail, or incriminating material showed collusion or price manipulation, and the transactions were supported by contemporaneous documents, dematerialisation, exchange-trading, and banking channels, the s.10(38) denial and s.68 addition were set aside in favour of the assessee. On STCL and alleged commission, absence of any direct linkage to entry operators meant genuine exchange-traded loss could not be disregarded; therefore, STCL disallowance, s.68 addition, and s.69C commission addition were deleted against the revenue. en-us Mon, 22 Dec 2025 00:00:00 +0530 Wed, 24 Dec 2025 15:28:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784109 Where the AO treated share sale proceeds as unexplained cash credit under s.68 and denied s.10(38) exemption as bogus, the Tribunal held that generalized Investigation Wing reports, alleged modus operandi, and adverse findings against brokers/scrip in other years cannot substitute for specific evidence against the assessee. As no nexus, money trail, or incriminating material showed collusion or price manipulation, and the transactions were supported by contemporaneous documents, dematerialisation, exchange-trading, and banking channels, the s.10(38) denial and s.68 addition were set aside in favour of the assessee. On STCL and alleged commission, absence of any direct linkage to entry operators meant genuine exchange-traded loss could not be disregarded; therefore, STCL disallowance, s.68 addition, and s.69C commission addition were deleted against the revenue. Case-Laws Income Tax Mon, 22 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784109