https://www.taxtmi.com/caselaws?id=751407 The ITAT Surat condoned a 160-day delay in filing appeal after the assessee explained the delay was due to inability to access the ITBA portal caused by frequent password changes by their regular CA. Regarding the substantive issue, the tribunal deleted the addition under section 68 treating long-term capital gains on listed shares as bogus income. The assessee successfully proved the genuineness of share transactions through contract notes, bank statements, and demat account records showing share transfers. Following precedent, the AO was not justified in treating legitimate capital gains as unexplained cash credits, resulting in deletion of the addition and allowance of the appeal. en-us Thu, 28 Mar 2024 00:00:00 +0530 Mon, 15 Apr 2024 09:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751407 The ITAT Surat condoned a 160-day delay in filing appeal after the assessee explained the delay was due to inability to access the ITBA portal caused by frequent password changes by their regular CA. Regarding the substantive issue, the tribunal deleted the addition under section 68 treating long-term capital gains on listed shares as bogus income. The assessee successfully proved the genuineness of share transactions through contract notes, bank statements, and demat account records showing share transfers. Following precedent, the AO was not justified in treating legitimate capital gains as unexplained cash credits, resulting in deletion of the addition and allowance of the appeal. Case-Laws Income Tax Thu, 28 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751407