https://www.taxtmi.com/caselaws?id=753111 ITAT Surat ruled in favor of the assessee regarding addition under section 68 for alleged bogus long-term capital gains (LTCG). The revenue department rejected the appellant's claim for exemption under section 10(38) on surplus from long-term share sales, treating it as unexplained cash credit. The tribunal held that since the assessee conducted share sales through BSE, paid security transaction tax, and no allegations existed against the share broker regarding price manipulation, there was insufficient evidence to treat LTCG as unexplained cash credit. en-us Fri, 05 Jan 2024 00:00:00 +0530 Sat, 25 May 2024 08:08:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753111 ITAT Surat ruled in favor of the assessee regarding addition under section 68 for alleged bogus long-term capital gains (LTCG). The revenue department rejected the appellant's claim for exemption under section 10(38) on surplus from long-term share sales, treating it as unexplained cash credit. The tribunal held that since the assessee conducted share sales through BSE, paid security transaction tax, and no allegations existed against the share broker regarding price manipulation, there was insufficient evidence to treat LTCG as unexplained cash credit. Case-Laws Income Tax Fri, 05 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753111