https://www.taxtmi.com/caselaws?id=311269 ITAT Mumbai held that off-market share purchases cannot be deemed sham transactions if the assessee proves shares were held in demat account and sold through proper channels. The assessee successfully demonstrated compliance with section 68 requirements for LTCG exemption on Pine Animation Ltd shares. SEBI's final order dated 19.09.2017 cleared the assessee of price manipulation allegations, strengthening the case. CIT(A)'s deletion of additions was upheld. However, ITAT validated the assessment reopening under section 147, finding the AO had sufficient prima facie material based on investigation wing information and SEBI's interim restraint order. en-us Tue, 21 Mar 2023 00:00:00 +0530 Sat, 16 Dec 2023 10:01:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311269 ITAT Mumbai held that off-market share purchases cannot be deemed sham transactions if the assessee proves shares were held in demat account and sold through proper channels. The assessee successfully demonstrated compliance with section 68 requirements for LTCG exemption on Pine Animation Ltd shares. SEBI's final order dated 19.09.2017 cleared the assessee of price manipulation allegations, strengthening the case. CIT(A)'s deletion of additions was upheld. However, ITAT validated the assessment reopening under section 147, finding the AO had sufficient prima facie material based on investigation wing information and SEBI's interim restraint order. Case-Laws Income Tax Tue, 21 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311269