https://www.taxtmi.com/caselaws?id=750658 ITAT Mumbai upheld CIT(A)'s deletion of addition under section 68 regarding alleged bogus long-term capital gains from penny stock transactions. Revenue challenged LTCG exemption claiming entry operators facilitated conversion of black money to white. Following Bombay HC precedent in PCIT v. Ziauddin A Siddique, ITAT held that since share transactions occurred on stock exchange platform with STT payment and proper documentation, and no allegation of price rigging against assessee existed, the addition was unjustified. ITAT directed AO to allow LTCG exemption under section 10(38). Appeal decided against revenue. en-us Fri, 22 Mar 2024 00:00:00 +0530 Mon, 11 Nov 2024 10:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750658 ITAT Mumbai upheld CIT(A)'s deletion of addition under section 68 regarding alleged bogus long-term capital gains from penny stock transactions. Revenue challenged LTCG exemption claiming entry operators facilitated conversion of black money to white. Following Bombay HC precedent in PCIT v. Ziauddin A Siddique, ITAT held that since share transactions occurred on stock exchange platform with STT payment and proper documentation, and no allegation of price rigging against assessee existed, the addition was unjustified. ITAT directed AO to allow LTCG exemption under section 10(38). Appeal decided against revenue. Case-Laws Income Tax Fri, 22 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750658