https://www.taxtmi.com/caselaws?id=757374 ITAT Mumbai allowed the appeal concerning addition under section 68 for penny stock transactions. The AO denied exemption under section 10(38) for long-term capital gains, relying on a generalized investigation report from Income Tax Department Kolkata regarding share price manipulation. The Tribunal found the AO failed to prove the assessee's transactions were part of manipulated trades or that she connived with price riggers. The assessee's transactions occurred before SEBI's initial debarment order against the company promoters, which was later revoked. With proper demat account entries and no defects found in evidence, the Tribunal upheld CIT(A)'s deletion of additions for both sale consideration and estimated commission expenses. en-us Tue, 20 Aug 2024 00:00:00 +0530 Fri, 23 Aug 2024 08:15:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757374 ITAT Mumbai allowed the appeal concerning addition under section 68 for penny stock transactions. The AO denied exemption under section 10(38) for long-term capital gains, relying on a generalized investigation report from Income Tax Department Kolkata regarding share price manipulation. The Tribunal found the AO failed to prove the assessee's transactions were part of manipulated trades or that she connived with price riggers. The assessee's transactions occurred before SEBI's initial debarment order against the company promoters, which was later revoked. With proper demat account entries and no defects found in evidence, the Tribunal upheld CIT(A)'s deletion of additions for both sale consideration and estimated commission expenses. Case-Laws Income Tax Tue, 20 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757374