https://www.taxtmi.com/caselaws?id=794013 Documentary evidence of shareholding and transfer, including share transfer deeds, ROC filings, annual returns, bonus allotment records and bank proof, established that the share sale was genuine and that the sale proceeds were not unexplained income. The ITAT Delhi therefore deleted the addition made under section 68 and section 56(2)(vii), holding the transfer consideration could not be taxed as unexplained. Because the penalty under section 271(1)(c) was founded entirely on that deleted addition, the basis for penalty ceased to exist and the penalty was also deleted. Both appeals were allowed in favour of the assessee. en-us Wed, 24 Jun 2026 00:00:00 +0530 Sat, 27 Jun 2026 08:33:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794013 Documentary evidence of shareholding and transfer, including share transfer deeds, ROC filings, annual returns, bonus allotment records and bank proof, established that the share sale was genuine and that the sale proceeds were not unexplained income. The ITAT Delhi therefore deleted the addition made under section 68 and section 56(2)(vii), holding the transfer consideration could not be taxed as unexplained. Because the penalty under section 271(1)(c) was founded entirely on that deleted addition, the basis for penalty ceased to exist and the penalty was also deleted. Both appeals were allowed in favour of the assessee. Case-Laws Income Tax Wed, 24 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794013