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of <h1>Calcutta High Court Rules in Favor of Revenue in Penny Stock Tax Evasion Case, Citing Section 68 Burden of Proof.</h1> The Calcutta High Court addressed a case involving alleged tax evasion through bogus long-term capital gains from penny stock trading. The revenue authorities argued that these transactions were part of a larger accommodation entry scam, while the assessees claimed innocence, citing reliance on expert opinions and media reports. The court emphasized the doctrine of preponderance of probabilities and the burden of proof under Section 68 of the Income Tax Act. The court criticized the lack of thorough investigation by assessing officers and rejected the assessees' defenses. Ultimately, the court ruled in favor of the revenue, restoring the original assessments and orders.
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