https://www.taxtmi.com/caselaws?id=760253 ITAT Mumbai allowed the appeal, rejecting the revenue's denial of exemption under section 10(38) and addition under section 68 for alleged bogus long-term capital gains. The tribunal found that the assessee was not involved in price rigging, the AO failed to conduct independent investigation relying solely on general findings from Kolkata investigation, and no specific nexus was established between the assessee and accommodation entry arrangements. The assessee discharged her burden by providing genuine documents including contract notes, demat accounts, and bank statements from unrelated third parties. Transactions conducted through recognized stock exchanges in a regulatory environment supported the genuineness of capital gains claimed. en-us Tue, 27 Aug 2024 00:00:00 +0530 Thu, 17 Oct 2024 10:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760253 ITAT Mumbai allowed the appeal, rejecting the revenue's denial of exemption under section 10(38) and addition under section 68 for alleged bogus long-term capital gains. The tribunal found that the assessee was not involved in price rigging, the AO failed to conduct independent investigation relying solely on general findings from Kolkata investigation, and no specific nexus was established between the assessee and accommodation entry arrangements. The assessee discharged her burden by providing genuine documents including contract notes, demat accounts, and bank statements from unrelated third parties. Transactions conducted through recognized stock exchanges in a regulatory environment supported the genuineness of capital gains claimed. Case-Laws Income Tax Tue, 27 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760253