https://www.taxtmi.com/caselaws?id=468739 Share-sale proceeds supported by purchase documents, demat records, bank statements and contract notes could not be treated as unexplained cash credit merely because the scrip was alleged to be a penny stock or the price had risen abnormally. The ITAT held that, where the assessee furnished contemporaneous primary evidence and the Revenue produced no specific material linking the assessee or broker to price rigging, accommodation entries or any cash trail, the addition under section 68 could not rest on suspicion, investigation reports or generalized human-probability reasoning. The disputed addition was deleted and the exemption claim on the long-term capital gain was accepted. en-us Thu, 21 Nov 2024 00:00:00 +0530 Tue, 19 May 2026 14:35:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468739 Share-sale proceeds supported by purchase documents, demat records, bank statements and contract notes could not be treated as unexplained cash credit merely because the scrip was alleged to be a penny stock or the price had risen abnormally. The ITAT held that, where the assessee furnished contemporaneous primary evidence and the Revenue produced no specific material linking the assessee or broker to price rigging, accommodation entries or any cash trail, the addition under section 68 could not rest on suspicion, investigation reports or generalized human-probability reasoning. The disputed addition was deleted and the exemption claim on the long-term capital gain was accepted. Case-Laws Income Tax Thu, 21 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468739