https://www.taxtmi.com/caselaws?id=751889 The ITAT Mumbai set aside additions under section 68 read with section 115BBE relating to alleged bogus long-term capital gains from penny stock transactions. The assessee had declared equity share transactions in ACI and Tilak scrips as business losses in the return, holding shares for over two years. The AO incorrectly observed transactions as undisclosed despite being declared as business transactions rather than capital gains. Following Bombay HC precedents, the tribunal held transactions genuine as they were conducted through stock exchange with registered brokers, payments made through banking channels, STT paid, and no price rigging involved. Both AO's addition and CIT(A)'s enhancement were deleted, deciding in favor of the assessee. en-us Wed, 24 Apr 2024 00:00:00 +0530 Sat, 27 Apr 2024 09:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751889 The ITAT Mumbai set aside additions under section 68 read with section 115BBE relating to alleged bogus long-term capital gains from penny stock transactions. The assessee had declared equity share transactions in ACI and Tilak scrips as business losses in the return, holding shares for over two years. The AO incorrectly observed transactions as undisclosed despite being declared as business transactions rather than capital gains. Following Bombay HC precedents, the tribunal held transactions genuine as they were conducted through stock exchange with registered brokers, payments made through banking channels, STT paid, and no price rigging involved. Both AO's addition and CIT(A)'s enhancement were deleted, deciding in favor of the assessee. Case-Laws Income Tax Wed, 24 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751889