https://www.taxtmi.com/caselaws?id=466385 An addition under section 68 for alleged bogus short-term capital gains from penny stock sales was found unsustainable where the assessee produced bank statements, contract notes, demat records, trade summaries and ledger accounts showing purchase and sale through the stock exchange. The Revenue brought no specific material to show that the assessee was involved in rigging the scrip or that the supporting documents were fabricated; general allegations and reliance on surrounding circumstances and human probability were insufficient. The addition was therefore deleted. Delay in filing the appeal was condoned on the basis of the affidavit filed and the absence of any contrary material from the Revenue. en-us Mon, 14 Jul 2025 00:00:00 +0530 Wed, 04 Feb 2026 19:00:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466385 An addition under section 68 for alleged bogus short-term capital gains from penny stock sales was found unsustainable where the assessee produced bank statements, contract notes, demat records, trade summaries and ledger accounts showing purchase and sale through the stock exchange. The Revenue brought no specific material to show that the assessee was involved in rigging the scrip or that the supporting documents were fabricated; general allegations and reliance on surrounding circumstances and human probability were insufficient. The addition was therefore deleted. Delay in filing the appeal was condoned on the basis of the affidavit filed and the absence of any contrary material from the Revenue. Case-Laws Income Tax Mon, 14 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466385