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        Case ID :
        Income Tax

        The ITAT Mumbai addressed the issue of addition u/s 68 regarding...

        Investor wins case on penny stock transactions! Tribunal rules in favor of genuineness of share transactions. Exemptions granted under sec 10(38).

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                The ITAT Mumbai addressed the issue of addition u/s 68 regarding penny stock transactions. The genuineness of share transactions was questioned, with the assessee claiming to be an investor supported by evidence such as financials, share price trends, and company existence. The AO doubted the transactions but failed to prove unaccounted money. The assessee's regular investment pattern through registered brokers, STT payments, and banking channel transactions were highlighted. Lack of AO's independent investigation and reliance on statements were noted. The Tribunal overturned the CIT(A)'s decision, directing deletion of additions u/s 68 & 69C in favor of the assessee, emphasizing the substantiated nature of the share transactions.
                                Note: It is a system-generated summary and is for quick reference only.
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