https://www.taxtmi.com/caselaws?id=789971 An addition treating alleged penny stock long-term capital gains as unexplained under section 68 was not sustained where the revenue relied mainly on Investigation Wing material without independent verification. The assessee supported the share transactions with banking records and demat evidence, and the appellate finding of genuineness was left undisturbed because the departmental record did not provide contrary material. The operative principle is that, absent independent inquiry or rebuttal evidence, an addition based only on investigative material cannot displace a substantiated transaction. en-us Wed, 01 Apr 2026 00:00:00 +0530 Fri, 17 Apr 2026 08:21:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=789971 An addition treating alleged penny stock long-term capital gains as unexplained under section 68 was not sustained where the revenue relied mainly on Investigation Wing material without independent verification. The assessee supported the share transactions with banking records and demat evidence, and the appellate finding of genuineness was left undisturbed because the departmental record did not provide contrary material. The operative principle is that, absent independent inquiry or rebuttal evidence, an addition based only on investigative material cannot displace a substantiated transaction. Case-Laws Income Tax Wed, 01 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=789971