https://www.taxtmi.com/caselaws?id=329077 The ITAT Mumbai held that the addition under section 68 for unexplained cash credit was unsustainable as the AO and CIT(A) relied on presumptions without considering direct evidence such as broker contract notes, share certificates, D-MAT statements, and banking receipts confirming share transactions. The statement recorded from a third party without the assessee's opportunity for cross-examination was given no evidentiary value. Consequently, the ITAT directed deletion of the addition of Rs. 95,12,812 and upheld the exemption of LTCG income of Rs. 93,00,012 under section 10(38). The decision was in favor of the assessee. en-us Wed, 27 Apr 2016 00:00:00 +0530 Thu, 24 Jul 2025 12:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329077 The ITAT Mumbai held that the addition under section 68 for unexplained cash credit was unsustainable as the AO and CIT(A) relied on presumptions without considering direct evidence such as broker contract notes, share certificates, D-MAT statements, and banking receipts confirming share transactions. The statement recorded from a third party without the assessee's opportunity for cross-examination was given no evidentiary value. Consequently, the ITAT directed deletion of the addition of Rs. 95,12,812 and upheld the exemption of LTCG income of Rs. 93,00,012 under section 10(38). The decision was in favor of the assessee. Case-Laws Income Tax Wed, 27 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329077