https://www.taxtmi.com/caselaws?id=215767 The Appellate Tribunal ITAT, Mumbai considered the treatment of the sale of shares as bogus capital gain and undisclosed income under section 68, including the addition of commission for arranging capital gains in penny stocks. The tribunal disagreed with the Assessing Officer and CIT (A), emphasizing the need to establish specific bogus transactions. It directed a detailed examination by the AO, cross-examination of relevant persons, independent inquiries, and providing the assessee with an opportunity before deciding the issue. The tribunal set aside the previous decisions and allowed the appeal for statistical purposes. en-us Fri, 29 Jun 2012 00:00:00 +0530 Fri, 17 Aug 2012 17:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215767 The Appellate Tribunal ITAT, Mumbai considered the treatment of the sale of shares as bogus capital gain and undisclosed income under section 68, including the addition of commission for arranging capital gains in penny stocks. The tribunal disagreed with the Assessing Officer and CIT (A), emphasizing the need to establish specific bogus transactions. It directed a detailed examination by the AO, cross-examination of relevant persons, independent inquiries, and providing the assessee with an opportunity before deciding the issue. The tribunal set aside the previous decisions and allowed the appeal for statistical purposes. Case-Laws Income Tax Fri, 29 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215767