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The Appellate Tribunal addressed the issue of addition u/s 68 for alleged bogus long-term capital gain. The Tribunal found that the Assessing Officer's reliance on a general investigation report and statements did not directly implicate the assessee or her broker in any wrongdoing. The Tribunal noted that the department did not link the assessee or her broker to entities identified by SEBI for price manipulation. The AO's reliance on the SEBI order and the suspension of trading in the scrip of M/s. Sunrise was deemed irrelevant. Citing a precedent, the Tribunal held that the transactions were genuine, and the assessee's claim for exemption u/s 10(38) was allowed. The decision favored the assessee.
The Appellate Tribunal addressed the issue of addition u/s 68 for alleged bogus long-term capital gain. The Tribunal found that the Assessing Officer's reliance on a general investigation report and statements did not directly implicate the assessee or her broker in any wrongdoing. The Tribunal noted that the department did not link the assessee or her broker to entities identified by SEBI for price manipulation. The AO's reliance on the SEBI order and the suspension of trading in the scrip of M/s. Sunrise was deemed irrelevant. Citing a precedent, the Tribunal held that the transactions were genuine, and the assessee's claim for exemption u/s 10(38) was allowed. The decision favored the assessee.
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