https://www.taxtmi.com/caselaws?id=756007 The ITAT Mumbai remanded a case involving bogus long-term capital gains back to the AO for fresh determination. The tribunal held that the AO failed to conduct proper inquiries regarding suspicious transactions involving bankers, brokers, and demat agencies. The AO should have investigated fund routing, synchronized trading, demat account operations, and why financial institutions didn't report suspicious activities to RBI and stock exchanges. The tribunal emphasized that such schemes require connivance of multiple parties and directed comprehensive investigation before making additions. The assessee's appeal was allowed with directions for thorough re-examination by the AO. en-us Mon, 22 Jul 2024 00:00:00 +0530 Wed, 24 Jul 2024 12:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756007 The ITAT Mumbai remanded a case involving bogus long-term capital gains back to the AO for fresh determination. The tribunal held that the AO failed to conduct proper inquiries regarding suspicious transactions involving bankers, brokers, and demat agencies. The AO should have investigated fund routing, synchronized trading, demat account operations, and why financial institutions didn't report suspicious activities to RBI and stock exchanges. The tribunal emphasized that such schemes require connivance of multiple parties and directed comprehensive investigation before making additions. The assessee's appeal was allowed with directions for thorough re-examination by the AO. Case-Laws Income Tax Mon, 22 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756007