https://www.taxtmi.com/caselaws?id=446720 ITAT Surat held that additions under section 68 for alleged bogus short-term capital gains were unjustified. The assessee sold shares within 12 days through a recognized stock broker via Bombay Stock Exchange and provided complete transaction details, discharging the primary onus. The Assessing Officer failed to conduct investigation or produce adverse evidence despite allegations of price rigging. Following precedent, once primary onus is discharged, burden shifts to revenue to disprove evidence. Without contrary material, the addition was deleted and decided in favor of assessee. en-us Wed, 29 Nov 2023 00:00:00 +0530 Fri, 08 Dec 2023 14:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446720 ITAT Surat held that additions under section 68 for alleged bogus short-term capital gains were unjustified. The assessee sold shares within 12 days through a recognized stock broker via Bombay Stock Exchange and provided complete transaction details, discharging the primary onus. The Assessing Officer failed to conduct investigation or produce adverse evidence despite allegations of price rigging. Following precedent, once primary onus is discharged, burden shifts to revenue to disprove evidence. Without contrary material, the addition was deleted and decided in favor of assessee. Case-Laws Income Tax Wed, 29 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446720