https://www.taxtmi.com/caselaws?id=450186 ITAT Surat allowed the assessee's appeal regarding bogus LTCG and unexplained cash credit u/s 68. The assessee successfully proved identity, creditworthiness and genuineness of share transactions through contract notes, banking channels, and stock exchange documentation. Following Gujarat HC precedent in Jagat Pravinbhai Sarabhai case, the tribunal found that shares held for over ten years and sold at prevailing market prices constituted genuine LTCG, not penny stock transactions. AO failed to provide material evidence proving collusive transactions. Consequently, ITAT deleted additions u/s 68 and related u/s 69C commission charges, ruling in favor of the assessee. en-us Tue, 27 Feb 2024 00:00:00 +0530 Wed, 28 Feb 2024 15:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450186 ITAT Surat allowed the assessee's appeal regarding bogus LTCG and unexplained cash credit u/s 68. The assessee successfully proved identity, creditworthiness and genuineness of share transactions through contract notes, banking channels, and stock exchange documentation. Following Gujarat HC precedent in Jagat Pravinbhai Sarabhai case, the tribunal found that shares held for over ten years and sold at prevailing market prices constituted genuine LTCG, not penny stock transactions. AO failed to provide material evidence proving collusive transactions. Consequently, ITAT deleted additions u/s 68 and related u/s 69C commission charges, ruling in favor of the assessee. Case-Laws Income Tax Tue, 27 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450186