https://www.taxtmi.com/caselaws?id=794317 Documentary evidence can sustain exemption on long-term capital gains where shares are shown to have been acquired, held and sold through recognised market channels. The assessee produced a gift deed, demat statements, contract notes, stock exchange transaction details, STT payment proof and bank records, while the Revenue relied mainly on a general report on penny stock operators without specific material linking the assessee to manipulation or a sham transaction. Generalised third-party material, without independent corroboration, could not displace the assessee's documents. As the Revenue failed to rebut the evidence, denial of exemption and addition under section 68 were not sustainable; the addition was deleted. en-us Tue, 30 Jun 2026 00:00:00 +0530 Fri, 03 Jul 2026 08:49:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794317 Documentary evidence can sustain exemption on long-term capital gains where shares are shown to have been acquired, held and sold through recognised market channels. The assessee produced a gift deed, demat statements, contract notes, stock exchange transaction details, STT payment proof and bank records, while the Revenue relied mainly on a general report on penny stock operators without specific material linking the assessee to manipulation or a sham transaction. Generalised third-party material, without independent corroboration, could not displace the assessee's documents. As the Revenue failed to rebut the evidence, denial of exemption and addition under section 68 were not sustainable; the addition was deleted. Case-Laws Income Tax Tue, 30 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794317