https://www.taxtmi.com/caselaws?id=756787 The ITAT Mumbai ruled in favor of the assessee regarding alleged bogus long-term capital gains transactions. The AO had made additions under sections 68 and 69A based on an Investigation Wing report from Kolkata, treating share transactions as non-genuine. The ITAT found that the assessee provided sufficient evidence proving transaction genuineness, while the AO failed to examine this evidence or issue summons to BSE/brokers despite requests. The Investigation Wing's findings were general without specific adverse observations against the assessee or relevant scripts. The Revenue could not establish the assessee's involvement in price manipulation despite transactions through SEBI-registered brokers on stock exchanges. en-us Tue, 06 Aug 2024 00:00:00 +0530 Fri, 09 Aug 2024 08:56:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756787 The ITAT Mumbai ruled in favor of the assessee regarding alleged bogus long-term capital gains transactions. The AO had made additions under sections 68 and 69A based on an Investigation Wing report from Kolkata, treating share transactions as non-genuine. The ITAT found that the assessee provided sufficient evidence proving transaction genuineness, while the AO failed to examine this evidence or issue summons to BSE/brokers despite requests. The Investigation Wing's findings were general without specific adverse observations against the assessee or relevant scripts. The Revenue could not establish the assessee's involvement in price manipulation despite transactions through SEBI-registered brokers on stock exchanges. Case-Laws Income Tax Tue, 06 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756787