https://www.taxtmi.com/caselaws?id=467300 Tribunal examined whether revenue proved that capital gains from sale of alleged penny stocks were unexplained cash credits and concluded that generalized investigation reports or modus operandi descriptions are insufficient absent assessee-specific adverse findings or independent inquiry. The tribunal relied on documentary proof-contract notes, demat entries, bank payment receipts, broker statements and balance-sheet entries-and the absence of AO's linking evidence or opportunity to confront relied-upon statements. Applying the principle that revenue must displace credible documentary evidence with specific proof, the additions treating gains as unexplained (and related entries) were deleted and exemption under the capital-gains exemption provision granted where applicable. en-us Fri, 21 Mar 2025 00:00:00 +0530 Fri, 13 Mar 2026 18:58:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467300 Tribunal examined whether revenue proved that capital gains from sale of alleged penny stocks were unexplained cash credits and concluded that generalized investigation reports or modus operandi descriptions are insufficient absent assessee-specific adverse findings or independent inquiry. The tribunal relied on documentary proof-contract notes, demat entries, bank payment receipts, broker statements and balance-sheet entries-and the absence of AO's linking evidence or opportunity to confront relied-upon statements. Applying the principle that revenue must displace credible documentary evidence with specific proof, the additions treating gains as unexplained (and related entries) were deleted and exemption under the capital-gains exemption provision granted where applicable. Case-Laws Income Tax Fri, 21 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467300