https://www.taxtmi.com/caselaws?id=799429 Income-tax additions for alleged penny-stock transactions require substantive and corroborative evidence linking the taxpayer to undisclosed income. Recorded share purchases and sales showing a loss cannot be displaced merely by investigation-wing information where no material rebuts the transactions. Likewise, an estimated profit from alleged share trading cannot rest on system information, presumptions, or a percentage-based computation when the activity is specifically denied and remains unproved. Both additions were deleted for lack of substantive corroborative evidence. en-us Wed, 29 Jul 2026 00:00:00 +0530 Tue, 22 Sep 2026 08:17:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=799429 Income-tax additions for alleged penny-stock transactions require substantive and corroborative evidence linking the taxpayer to undisclosed income. Recorded share purchases and sales showing a loss cannot be displaced merely by investigation-wing information where no material rebuts the transactions. Likewise, an estimated profit from alleged share trading cannot rest on system information, presumptions, or a percentage-based computation when the activity is specifically denied and remains unproved. Both additions were deleted for lack of substantive corroborative evidence. Case-Laws Income Tax Wed, 29 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=799429