https://www.taxtmi.com/caselaws?id=792218 In a penny stock dispute, the text notes that additions based on alleged bogus share transactions and denial of exemption under section 10(38) could not be sustained without proper verification of the assessment record. It emphasises that the assessee must be confronted with all adverse material relied upon by the Assessing Officer, including replies to notices under section 133(6) and SEBI material, before an addition is maintained. Because the factual record was incomplete and confrontation was not properly established, the matter was restored for de novo adjudication with disclosure of the relied-upon material and an opportunity to . en-us Fri, 22 May 2026 00:00:00 +0530 Mon, 25 May 2026 08:14:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792218 In a penny stock dispute, the text notes that additions based on alleged bogus share transactions and denial of exemption under section 10(38) could not be sustained without proper verification of the assessment record. It emphasises that the assessee must be confronted with all adverse material relied upon by the Assessing Officer, including replies to notices under section 133(6) and SEBI material, before an addition is maintained. Because the factual record was incomplete and confrontation was not properly established, the matter was restored for de novo adjudication with disclosure of the relied-upon material and an opportunity to . Case-Laws Income Tax Fri, 22 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792218