https://www.taxtmi.com/caselaws?id=446337 ITAT Mumbai held that addition under section 68 for bogus LTCG cannot be sustained where AO relied solely on Investigation Wing report and price-volume analysis without conducting independent inquiry. The tribunal found AO's conclusions based on conjecture without direct or circumstantial evidence. Assessee had offered short-term capital gains to tax in subsequent year, held unsold shares, and provided proper documentation. AO failed to identify specific defects in assessee's explanation or evidence of unaccounted income. Addition deleted in assessee's favor. en-us Thu, 21 Sep 2023 00:00:00 +0530 Thu, 30 Nov 2023 10:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446337 ITAT Mumbai held that addition under section 68 for bogus LTCG cannot be sustained where AO relied solely on Investigation Wing report and price-volume analysis without conducting independent inquiry. The tribunal found AO's conclusions based on conjecture without direct or circumstantial evidence. Assessee had offered short-term capital gains to tax in subsequent year, held unsold shares, and provided proper documentation. AO failed to identify specific defects in assessee's explanation or evidence of unaccounted income. Addition deleted in assessee's favor. Case-Laws Income Tax Thu, 21 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446337