https://www.taxtmi.com/caselaws?id=458319 The ITAT Mumbai allowed the assessee's appeal regarding bogus LTCG treatment. The AO had denied exemption u/s 10(38) and made additions u/s 68 and 69C based on an interim SEBI order. The Tribunal held that the AO's inference lacked foundation as SEBI's final order dated 21/09/2017 revoked the interim order, demolishing the AO's premise. No enquiry was conducted regarding the specific scrip (Shreenath Commercial Finance Ltd.) or the assessee's broker (RBK Share Broking Limited). The statements from other brokers had no connection to the assessee's transactions. Following consistent decisions in similar cases involving the assessee's family members, the Tribunal deleted all additions made by the AO. en-us Mon, 18 Sep 2023 00:00:00 +0530 Mon, 21 Oct 2024 22:02:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458319 The ITAT Mumbai allowed the assessee's appeal regarding bogus LTCG treatment. The AO had denied exemption u/s 10(38) and made additions u/s 68 and 69C based on an interim SEBI order. The Tribunal held that the AO's inference lacked foundation as SEBI's final order dated 21/09/2017 revoked the interim order, demolishing the AO's premise. No enquiry was conducted regarding the specific scrip (Shreenath Commercial Finance Ltd.) or the assessee's broker (RBK Share Broking Limited). The statements from other brokers had no connection to the assessee's transactions. Following consistent decisions in similar cases involving the assessee's family members, the Tribunal deleted all additions made by the AO. Case-Laws Income Tax Mon, 18 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458319