Court Rules in Favor of Taxpayer: Genuine Share Transactions Upheld, Section 10(38) Exemption Reinstated Despite Authorities' Suspicion.

Addition u/s 68 - Bogus share transactions - penny stock purchases - The facts of the case and the evidences clearly support the claim of the assessee that the transactions of the assessee were genuine and the authorities below was not justified in rejecting the claim of the assessee exempted u/s 10(38) of the Act on the basis of suspicion, surmises and conjectures. It is to be kept in mind that suspicion how so ever strong, cannot partake the character of legal evidence. - AT .....

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