https://www.taxtmi.com/caselaws?id=754903 ITAT Mumbai allowed the assessee's appeal regarding long-term capital gains exemption under Section 10(38). The AO had made addition under Section 68 treating gains from Sunrise Asian shares as bogus based on investigation reports identifying it as penny stock. ITAT held that the investigation report was general without specific wrongdoing by assessee or broker Anand Rathi. SEBI order referenced by AO didn't mention assessee or broker among 83 entities acting in concert for price manipulation. No action was taken by SEBI against assessee or broker. The tribunal found share transactions genuine, noting assessee's stock market knowledge and investment history. Appeal decided in favor of assessee. en-us Mon, 29 Jan 2024 00:00:00 +0530 Tue, 02 Jul 2024 08:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754903 ITAT Mumbai allowed the assessee's appeal regarding long-term capital gains exemption under Section 10(38). The AO had made addition under Section 68 treating gains from Sunrise Asian shares as bogus based on investigation reports identifying it as penny stock. ITAT held that the investigation report was general without specific wrongdoing by assessee or broker Anand Rathi. SEBI order referenced by AO didn't mention assessee or broker among 83 entities acting in concert for price manipulation. No action was taken by SEBI against assessee or broker. The tribunal found share transactions genuine, noting assessee's stock market knowledge and investment history. Appeal decided in favor of assessee. Case-Laws Income Tax Mon, 29 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754903