https://www.taxtmi.com/caselaws?id=792215 Section 68 addition and disallowance of share-sale loss in a penny stock transaction were held unsustainable where the assessee produced contract notes, demat statements, bank records and other documentary proof of genuine purchase and sale through recognised exchange channels. General investigation material about scrip manipulation, without direct evidence linking the assessee to an accommodation entry operator or proving receipt of unaccounted consideration, was insufficient. The surrounding facts also did not support any sham transaction motive. Authorities cited by the Revenue were distinguished on their facts because they involved materially different claims of exempt capital gains from abnormal price appreciation. en-us Fri, 22 May 2026 00:00:00 +0530 Mon, 25 May 2026 08:14:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792215 Section 68 addition and disallowance of share-sale loss in a penny stock transaction were held unsustainable where the assessee produced contract notes, demat statements, bank records and other documentary proof of genuine purchase and sale through recognised exchange channels. General investigation material about scrip manipulation, without direct evidence linking the assessee to an accommodation entry operator or proving receipt of unaccounted consideration, was insufficient. The surrounding facts also did not support any sham transaction motive. Authorities cited by the Revenue were distinguished on their facts because they involved materially different claims of exempt capital gains from abnormal price appreciation. Case-Laws Income Tax Fri, 22 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792215