https://www.taxtmi.com/caselaws?id=470482 Documented penny-stock capital-gains transactions cannot be treated as unexplained merely on investigation-wing information where the assessee provides purchase and sale records, broker details, bank evidence, demat statements and contract notes. The note states that the assessment made no independent verification of these materials, did not obtain contrary evidence from the broker or bank, examine the company's financial position, or establish accommodation-entry benefits. A discrepancy between the value recorded in assessment and broker-supported records further weakened the case. On these stated facts, additions for unexplained credits and estimated commission expenditure were deleted. en-us Fri, 21 Mar 2025 00:00:00 +0530 Tue, 28 Jul 2026 19:00:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470482 Documented penny-stock capital-gains transactions cannot be treated as unexplained merely on investigation-wing information where the assessee provides purchase and sale records, broker details, bank evidence, demat statements and contract notes. The note states that the assessment made no independent verification of these materials, did not obtain contrary evidence from the broker or bank, examine the company's financial position, or establish accommodation-entry benefits. A discrepancy between the value recorded in assessment and broker-supported records further weakened the case. On these stated facts, additions for unexplained credits and estimated commission expenditure were deleted. Case-Laws Income Tax Fri, 21 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470482