https://www.taxtmi.com/caselaws?id=313338 The ITAT Mumbai ruled in favor of the assessee regarding additions under section 68 for alleged bogus share sale proceeds. Despite the AO's reliance on Investigation Directorate reports about penny stock price manipulation, the tribunal found that the assessee had legitimately purchased shares through a broker via cheque, held them for over one year, and sold them on a recognized stock exchange. The CIT(A) confirmed shares entered and exited the assessee's demat account with proper documentation. The tribunal held that without evidence of the assessee's participation in price rigging, the long-term capital gains could not be treated as unexplained cash credits. en-us Thu, 27 Jul 2023 00:00:00 +0530 Mon, 08 Apr 2024 17:11:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313338 The ITAT Mumbai ruled in favor of the assessee regarding additions under section 68 for alleged bogus share sale proceeds. Despite the AO's reliance on Investigation Directorate reports about penny stock price manipulation, the tribunal found that the assessee had legitimately purchased shares through a broker via cheque, held them for over one year, and sold them on a recognized stock exchange. The CIT(A) confirmed shares entered and exited the assessee's demat account with proper documentation. The tribunal held that without evidence of the assessee's participation in price rigging, the long-term capital gains could not be treated as unexplained cash credits. Case-Laws Income Tax Thu, 27 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313338