https://www.taxtmi.com/caselaws?id=448390 The ITAT Mumbai allowed the assessee's appeal against addition u/s 68 for alleged bogus share sale proceeds. The assessee inherited shares from his deceased mother through will and sold them via regular broker on BSE through proper banking channels. The AO treated the transaction as penny stock accommodation entry based on statements from operators, without establishing any direct relationship between the assessee and the entry providers. The Tribunal held that merely dealing in suspected scripts without material evidence linking the assessee to accommodation providers cannot justify adverse inference, particularly when the assessee was a regular investor with no connection to suspicious transactions. en-us Fri, 24 Nov 2023 00:00:00 +0530 Wed, 17 Jan 2024 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448390 The ITAT Mumbai allowed the assessee's appeal against addition u/s 68 for alleged bogus share sale proceeds. The assessee inherited shares from his deceased mother through will and sold them via regular broker on BSE through proper banking channels. The AO treated the transaction as penny stock accommodation entry based on statements from operators, without establishing any direct relationship between the assessee and the entry providers. The Tribunal held that merely dealing in suspected scripts without material evidence linking the assessee to accommodation providers cannot justify adverse inference, particularly when the assessee was a regular investor with no connection to suspicious transactions. Case-Laws Income Tax Fri, 24 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448390