https://www.taxtmi.com/highlights?id=76079 Addition u/s 68 - bogus share transactions - as alleged transactions in shares, “penny stock” are fraudulent and accommodation entries - The Appellate Tribunal noted that the appellant had purchased and subsequently sold shares of a company through open market channels using authorized brokers. The appellant provided comprehensive documentation, including credit notes, contract notes, Demat account statements, and bank statements, to substantiate the transactions. - Despite sharp fluctuations in share prices, the ITAT found no evidence of wrongdoing or irregularities in the appellant's transactions. - Consequently, the additions so made deleted. en-us Wed, 27 Mar 2024 08:29:44 +0530 Wed, 27 Mar 2024 08:29:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=76079 Addition u/s 68 - bogus share transactions - as alleged transactions in shares, “penny stock” are fraudulent and accommodation entries - The Appellate Tribunal noted that the appellant had purchased and subsequently sold shares of a company through open market channels using authorized brokers. The appellant provided comprehensive documentation, including credit notes, contract notes, Demat account statements, and bank statements, to substantiate the transactions. - Despite sharp fluctuations in share prices, the ITAT found no evidence of wrongdoing or irregularities in the appellant's transactions. - Consequently, the additions so made deleted. Highlights Income Tax Wed, 27 Mar 2024 08:29:44 +0530 https://www.taxtmi.com/highlights?id=76079