https://www.taxtmi.com/caselaws?id=456790 ITAT Mumbai allowed appeals challenging additions under sections 68 and 69C for alleged bogus LTCG transactions. Despite suspicious share price movements raising doubts, the tribunal held that suspicion cannot substitute evidence. Assessees provided comprehensive documentation including bills, contract notes, demat statements, and bank statements proving transaction genuineness. AO failed to identify specific deficiencies in evidence. Applying preponderance of probability test, LTCG claims were allowed. Commission additions based on surmises and conjectures were deleted. Both appeals succeeded with all additions ordered deleted. en-us Fri, 13 Jan 2023 00:00:00 +0530 Wed, 14 Aug 2024 21:20:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456790 ITAT Mumbai allowed appeals challenging additions under sections 68 and 69C for alleged bogus LTCG transactions. Despite suspicious share price movements raising doubts, the tribunal held that suspicion cannot substitute evidence. Assessees provided comprehensive documentation including bills, contract notes, demat statements, and bank statements proving transaction genuineness. AO failed to identify specific deficiencies in evidence. Applying preponderance of probability test, LTCG claims were allowed. Commission additions based on surmises and conjectures were deleted. Both appeals succeeded with all additions ordered deleted. Case-Laws Income Tax Fri, 13 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456790