https://www.taxtmi.com/caselaws?id=759823 ITAT Mumbai ruled in favor of the assessee regarding addition under Section 68 for alleged bogus long-term capital gains on share sales. The AO relied on Investigation Wing reports claiming pre-arranged transactions with operators. However, following precedents from Bombay HC in Jamnadevi Agarwal and Indravadan Jain cases, and Delhi HC in Krishna Devi case, the tribunal found that documentary evidence of share transactions was not disputed. The AO failed to establish assessee's involvement in price rigging or fault any supporting documents. The addition was deleted. en-us Tue, 01 Oct 2024 00:00:00 +0530 Tue, 08 Oct 2024 16:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759823 ITAT Mumbai ruled in favor of the assessee regarding addition under Section 68 for alleged bogus long-term capital gains on share sales. The AO relied on Investigation Wing reports claiming pre-arranged transactions with operators. However, following precedents from Bombay HC in Jamnadevi Agarwal and Indravadan Jain cases, and Delhi HC in Krishna Devi case, the tribunal found that documentary evidence of share transactions was not disputed. The AO failed to establish assessee's involvement in price rigging or fault any supporting documents. The addition was deleted. Case-Laws Income Tax Tue, 01 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759823