https://www.taxtmi.com/caselaws?id=449236 The ITAT Mumbai set aside additions under sections 68 and 69 regarding share sale transactions and estimated commission expenditure. Despite the AO's doubts about long-term capital gains genuineness based on price rise not matching investee company financials, the assessee provided complete transaction details, broker information, and conducted transactions through banking channels. The AO relied solely on investigation reports and survey statements without independent inquiry, while the assessee's name wasn't in the investigation list. Following precedent from Shi Jatinder Kumar Jain case involving identical scrip, the Tribunal directed deletion of additions and allowed the appeal. en-us Mon, 22 Jan 2024 00:00:00 +0530 Wed, 07 Feb 2024 18:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449236 The ITAT Mumbai set aside additions under sections 68 and 69 regarding share sale transactions and estimated commission expenditure. Despite the AO's doubts about long-term capital gains genuineness based on price rise not matching investee company financials, the assessee provided complete transaction details, broker information, and conducted transactions through banking channels. The AO relied solely on investigation reports and survey statements without independent inquiry, while the assessee's name wasn't in the investigation list. Following precedent from Shi Jatinder Kumar Jain case involving identical scrip, the Tribunal directed deletion of additions and allowed the appeal. Case-Laws Income Tax Mon, 22 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449236