https://www.taxtmi.com/caselaws?id=468520 A share transaction supported by banking records, demat entries, contract notes and exchange-based sale with STT cannot be treated as bogus merely on the basis of general investigation material or suspicion. Where the revenue relies on third-party statements or broad allegations of penny stock manipulation, it must produce specific corroborative evidence linking the assessee to price rigging or accommodation entries. In the absence of such material, denial of exemption on long-term capital gains and additions as unexplained cash credit, unexplained expenditure or estimated commission lack evidentiary support. The documentary trail and primary evidence remain decisive unless effectively rebutted by concrete adverse material specific to the assessee. en-us Mon, 28 Oct 2024 00:00:00 +0530 Mon, 11 May 2026 14:53:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468520 A share transaction supported by banking records, demat entries, contract notes and exchange-based sale with STT cannot be treated as bogus merely on the basis of general investigation material or suspicion. Where the revenue relies on third-party statements or broad allegations of penny stock manipulation, it must produce specific corroborative evidence linking the assessee to price rigging or accommodation entries. In the absence of such material, denial of exemption on long-term capital gains and additions as unexplained cash credit, unexplained expenditure or estimated commission lack evidentiary support. The documentary trail and primary evidence remain decisive unless effectively rebutted by concrete adverse material specific to the assessee. Case-Laws Income Tax Mon, 28 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468520