https://www.taxtmi.com/caselaws?id=760396 ITAT Mumbai allowed the assessee's appeal partly, reversing the AO's addition under section 68 regarding bogus share transactions. The tribunal held that sale consideration from shares sold on stock exchange through banking channels cannot be treated as unexplained cash credit under section 68, as the AO failed to establish price rigging involvement and accepted supporting documents. The tribunal directed deletion of the addition and allowed exemption under section 10(38), noting that share purchases in earlier years were accepted by revenue and sales occurred through legitimate online platforms. en-us Tue, 15 Oct 2024 00:00:00 +0530 Sat, 19 Oct 2024 13:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760396 ITAT Mumbai allowed the assessee's appeal partly, reversing the AO's addition under section 68 regarding bogus share transactions. The tribunal held that sale consideration from shares sold on stock exchange through banking channels cannot be treated as unexplained cash credit under section 68, as the AO failed to establish price rigging involvement and accepted supporting documents. The tribunal directed deletion of the addition and allowed exemption under section 10(38), noting that share purchases in earlier years were accepted by revenue and sales occurred through legitimate online platforms. Case-Laws Income Tax Tue, 15 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760396