https://www.taxtmi.com/caselaws?id=456725 ITAT Mumbai allowed the assessee's appeal against addition under section 68 treating sale value of penny stock shares as unexplained cash credit. AO relied on Investigation wing report to conclude long term capital gains were bogus. ITAT held that AO failed to establish price rigging involvement and accepted all documents furnished by assessee including purchase/sale evidence, payments, and demat account entries. Since share purchases were accepted in earlier years and sales occurred through stock exchange with proceeds received via banking channels, sale consideration cannot be treated as unexplained cash credit under section 68. Addition deleted. en-us Tue, 20 Feb 2024 00:00:00 +0530 Sat, 10 Aug 2024 09:48:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456725 ITAT Mumbai allowed the assessee's appeal against addition under section 68 treating sale value of penny stock shares as unexplained cash credit. AO relied on Investigation wing report to conclude long term capital gains were bogus. ITAT held that AO failed to establish price rigging involvement and accepted all documents furnished by assessee including purchase/sale evidence, payments, and demat account entries. Since share purchases were accepted in earlier years and sales occurred through stock exchange with proceeds received via banking channels, sale consideration cannot be treated as unexplained cash credit under section 68. Addition deleted. Case-Laws Income Tax Tue, 20 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456725