https://www.taxtmi.com/caselaws?id=751348 ITAT Surat allowed the assessee's appeal regarding bogus LTCG addition under section 68 and denial of exemption under section 10(38). The tribunal found that the assessee proved genuineness of share sale transactions through contract notes, bank statements, and demat account records showing share transfers. Following precedents from Gujarat HC in Himani M. Vakil and other cases, the tribunal held that without evidence of price manipulation or bogus transactions with the broker, and given proper documentation including BSE transactions and security transaction tax payment, the AO was not justified in treating LTCG as unexplained cash credit under section 68. The addition was deleted. en-us Thu, 28 Mar 2024 00:00:00 +0530 Sat, 07 Mar 2026 10:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751348 ITAT Surat allowed the assessee's appeal regarding bogus LTCG addition under section 68 and denial of exemption under section 10(38). The tribunal found that the assessee proved genuineness of share sale transactions through contract notes, bank statements, and demat account records showing share transfers. Following precedents from Gujarat HC in Himani M. Vakil and other cases, the tribunal held that without evidence of price manipulation or bogus transactions with the broker, and given proper documentation including BSE transactions and security transaction tax payment, the AO was not justified in treating LTCG as unexplained cash credit under section 68. The addition was deleted. Case-Laws Income Tax Thu, 28 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751348