https://www.taxtmi.com/caselaws?id=755487 The ITAT Mumbai allowed the assessee's appeal against addition under section 68 for alleged bogus long-term capital gains. The AO treated LTCG from Pine Animations Ltd. shares as non-genuine solely because the scrip was mentioned in an investigation report and showed abnormal price increase over two years. The tribunal found the assessee was a regular investor who sold part of his holdings while retaining remaining shares, indicating no involvement in price manipulation. Without specific evidence linking the assessee to bogus transactions, the tribunal ruled the addition unjustified and allowed the appeal. en-us Thu, 25 Jan 2024 00:00:00 +0530 Sat, 13 Jul 2024 08:21:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755487 The ITAT Mumbai allowed the assessee's appeal against addition under section 68 for alleged bogus long-term capital gains. The AO treated LTCG from Pine Animations Ltd. shares as non-genuine solely because the scrip was mentioned in an investigation report and showed abnormal price increase over two years. The tribunal found the assessee was a regular investor who sold part of his holdings while retaining remaining shares, indicating no involvement in price manipulation. Without specific evidence linking the assessee to bogus transactions, the tribunal ruled the addition unjustified and allowed the appeal. Case-Laws Income Tax Thu, 25 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755487