https://www.taxtmi.com/caselaws?id=450929 ITAT Mumbai allowed the assessee's appeal on three grounds. First, the addition under Section 68 for LTCG exemption on penny stock sales was deleted as tax authorities failed to establish the assessee's involvement in manipulative activities or connection to share price rigging. Second, the addition under Section 68 for alleged bogus loan transactions was reversed since the assessee demonstrated genuine transactions by providing confirmations, bank statements, and evidence of loan repayments with interest. The assessment was primarily based on a retracted statement. Third, interest expense disallowance was also deleted as it was consequential to the allowed loan transactions. en-us Wed, 07 Feb 2024 00:00:00 +0530 Sat, 16 Mar 2024 09:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450929 ITAT Mumbai allowed the assessee's appeal on three grounds. First, the addition under Section 68 for LTCG exemption on penny stock sales was deleted as tax authorities failed to establish the assessee's involvement in manipulative activities or connection to share price rigging. Second, the addition under Section 68 for alleged bogus loan transactions was reversed since the assessee demonstrated genuine transactions by providing confirmations, bank statements, and evidence of loan repayments with interest. The assessment was primarily based on a retracted statement. Third, interest expense disallowance was also deleted as it was consequential to the allowed loan transactions. Case-Laws Income Tax Wed, 07 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450929