https://www.taxtmi.com/caselaws?id=466365 Addition of long-term capital gain as unexplained income was challenged where AO relied on rapid price rise in a penny stock and general modus operandi but made no specific findings against the assessee. The assessee produced broker bills, contract summaries and bank statements, and continued to hold substantial shareholdings, supporting investor status. The tribunal accepted that documentary evidence and continued investment rebutted the presumption of bogus entry and held the LTCG could not be treated as income under the unexplained income provision, deciding in favour of the assessee. en-us Thu, 22 Feb 2024 00:00:00 +0530 Tue, 03 Feb 2026 17:01:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466365 Addition of long-term capital gain as unexplained income was challenged where AO relied on rapid price rise in a penny stock and general modus operandi but made no specific findings against the assessee. The assessee produced broker bills, contract summaries and bank statements, and continued to hold substantial shareholdings, supporting investor status. The tribunal accepted that documentary evidence and continued investment rebutted the presumption of bogus entry and held the LTCG could not be treated as income under the unexplained income provision, deciding in favour of the assessee. Case-Laws Income Tax Thu, 22 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466365