https://www.taxtmi.com/caselaws?id=447193 ITAT Visakhapatnam held that LTCG from share transactions cannot be treated as unexplained cash credit under Section 68. Despite AO's allegations of stock price manipulation in penny stocks and seizure of loose sheets showing transaction details, the tribunal found no incriminating material or corroborative evidence proving manipulation. Since transactions occurred through proper banking channels via recognized stock exchange with buyer details available, the LTCG was deemed genuine. The tribunal allowed exemption under Section 10(38) and permitted commission expenditure deduction from LTCG, rejecting revenue's case. en-us Fri, 15 Dec 2023 00:00:00 +0530 Wed, 20 Dec 2023 09:39:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447193 ITAT Visakhapatnam held that LTCG from share transactions cannot be treated as unexplained cash credit under Section 68. Despite AO's allegations of stock price manipulation in penny stocks and seizure of loose sheets showing transaction details, the tribunal found no incriminating material or corroborative evidence proving manipulation. Since transactions occurred through proper banking channels via recognized stock exchange with buyer details available, the LTCG was deemed genuine. The tribunal allowed exemption under Section 10(38) and permitted commission expenditure deduction from LTCG, rejecting revenue's case. Case-Laws Income Tax Fri, 15 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447193