https://www.taxtmi.com/caselaws?id=758278 ITAT Bangalore allowed the appeal regarding bogus LTCG and unexplained cash credit under section 68. The tribunal held that capital gains cannot be deemed bogus based solely on modus operandi, generalisation, or suspicious circumstances without specific evidence against the assessee. Revenue failed to prove the assessee's involvement in collusion with entry operators or stockbrokers. The tribunal distinguished cases where SEBI enquiry found wrongdoing, noting no such finding existed here. Mere linkage to third-party investigations without independent evidence against the assessee was insufficient. The exemption under section 10(38) was allowed, deciding in favour of the assessee. en-us Tue, 03 Sep 2024 00:00:00 +0530 Wed, 11 Sep 2024 09:07:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758278 ITAT Bangalore allowed the appeal regarding bogus LTCG and unexplained cash credit under section 68. The tribunal held that capital gains cannot be deemed bogus based solely on modus operandi, generalisation, or suspicious circumstances without specific evidence against the assessee. Revenue failed to prove the assessee's involvement in collusion with entry operators or stockbrokers. The tribunal distinguished cases where SEBI enquiry found wrongdoing, noting no such finding existed here. Mere linkage to third-party investigations without independent evidence against the assessee was insufficient. The exemption under section 10(38) was allowed, deciding in favour of the assessee. Case-Laws Income Tax Tue, 03 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758278