https://www.taxtmi.com/caselaws?id=470052 Section 68 additions based on alleged bogus long-term capital gains from penny-stock transactions require examination of the assessee's actual business, financial records and transaction character. Where share trading is recorded as business revenue, supported by contract notes, broker ledgers, demat statements, bank statements and audited accounts, and no exempt income is claimed under Section 10(38), reliance solely on general information about accommodation entries may be inadequate. Treating selected trading transactions as unexplained credits may also create a risk of taxing the same transactions twice. On the stated analysis, such additions for both assessment years were considered unsustainable and directed to be deleted. en-us Wed, 12 Mar 2025 00:00:00 +0530 Tue, 14 Jul 2026 19:02:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470052 Section 68 additions based on alleged bogus long-term capital gains from penny-stock transactions require examination of the assessee's actual business, financial records and transaction character. Where share trading is recorded as business revenue, supported by contract notes, broker ledgers, demat statements, bank statements and audited accounts, and no exempt income is claimed under Section 10(38), reliance solely on general information about accommodation entries may be inadequate. Treating selected trading transactions as unexplained credits may also create a risk of taxing the same transactions twice. On the stated analysis, such additions for both assessment years were considered unsustainable and directed to be deleted. Case-Laws Income Tax Wed, 12 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470052