https://www.taxtmi.com/caselaws?id=751080 The ITAT Surat allowed the assessee's appeal, deleting additions made for bogus long-term capital gains and commission. The tribunal held that the assessing officer failed to prove the share transactions were bogus despite the assessee providing contract notes, bank statements, and STT payment evidence. Following the Gujarat HC precedent in Jagat Pravinbhai Sarabhai, the tribunal found that genuine investment substantiated through proper documentation, banking channels, recognized brokers, and long-term holding cannot be treated as accommodation or penny stock entries. The 5% commission addition was also deleted as it was consequential to the main addition. en-us Wed, 03 Apr 2024 00:00:00 +0530 Thu, 04 Apr 2024 21:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751080 The ITAT Surat allowed the assessee's appeal, deleting additions made for bogus long-term capital gains and commission. The tribunal held that the assessing officer failed to prove the share transactions were bogus despite the assessee providing contract notes, bank statements, and STT payment evidence. Following the Gujarat HC precedent in Jagat Pravinbhai Sarabhai, the tribunal found that genuine investment substantiated through proper documentation, banking channels, recognized brokers, and long-term holding cannot be treated as accommodation or penny stock entries. The 5% commission addition was also deleted as it was consequential to the main addition. Case-Laws Income Tax Wed, 03 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751080