https://www.taxtmi.com/highlights?id=78091 The ITAT Mumbai ruled on the reopening of assessment u/s 147 beyond four years and disallowance of deduction u/s 10(38) for alleged bogus LTCG. The Tribunal held that as the Assessee had fully disclosed material facts, the reopening was unjustified. Regarding addition u/s 68 for shares purchased off-market and later sold online, the Tribunal found no evidence of wrongdoing by the Assessee or the broker. The Assessee provided relevant documents and the AO did not question their authenticity. Citing a precedent, the Tribunal allowed the deduction u/s 10(38) as the shares were legitimately traded on the stock exchange. The decision favored the Assessee. en-us Tue, 04 Jun 2024 08:03:58 +0530 Tue, 04 Jun 2024 08:03:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=78091 The ITAT Mumbai ruled on the reopening of assessment u/s 147 beyond four years and disallowance of deduction u/s 10(38) for alleged bogus LTCG. The Tribunal held that as the Assessee had fully disclosed material facts, the reopening was unjustified. Regarding addition u/s 68 for shares purchased off-market and later sold online, the Tribunal found no evidence of wrongdoing by the Assessee or the broker. The Assessee provided relevant documents and the AO did not question their authenticity. Citing a precedent, the Tribunal allowed the deduction u/s 10(38) as the shares were legitimately traded on the stock exchange. The decision favored the Assessee. Highlights Income Tax Tue, 04 Jun 2024 08:03:58 +0530 https://www.taxtmi.com/highlights?id=78091