https://www.taxtmi.com/caselaws?id=754988 ITAT Amritsar allowed the appeal regarding bogus LTCG addition u/s 68 as unexplained cash credit. The assessee established compliance with section 10(38) conditions by providing bank details, purchase/sale documents, D-Mat account details, holding shares for over one year, selling through recognized stock exchange, and paying STT. The AO's addition based on alleged price rigging in PMC Fin Corp script was negated by Securities Appellate Tribunal Mumbai, which dismissed price inflation allegations. SC in Principal Commissioner of Income-tax vs. Renu Aggarwal and PCIT v. Dipansu Mohapatra supported deletion of such additions absent adverse stock exchange comments or incriminating materials. LTCG exemption under section 10(38) was upheld. en-us Mon, 03 Jun 2024 00:00:00 +0530 Wed, 03 Jul 2024 17:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754988 ITAT Amritsar allowed the appeal regarding bogus LTCG addition u/s 68 as unexplained cash credit. The assessee established compliance with section 10(38) conditions by providing bank details, purchase/sale documents, D-Mat account details, holding shares for over one year, selling through recognized stock exchange, and paying STT. The AO's addition based on alleged price rigging in PMC Fin Corp script was negated by Securities Appellate Tribunal Mumbai, which dismissed price inflation allegations. SC in Principal Commissioner of Income-tax vs. Renu Aggarwal and PCIT v. Dipansu Mohapatra supported deletion of such additions absent adverse stock exchange comments or incriminating materials. LTCG exemption under section 10(38) was upheld. Case-Laws Income Tax Mon, 03 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754988