https://www.taxtmi.com/caselaws?id=760482 ITAT Mumbai upheld CIT-A's deletion of addition u/s 68 and denial of exemption u/s 10(38) regarding alleged bogus share transactions. Despite AO's concerns about abnormal price rise in penny stock shares and assessee's limited knowledge of the company, the tribunal found overwhelming evidence of genuine share purchase through Demat account records and call details. The tribunal held that AO failed to prove sham transactions beyond circumstantial evidence, and assessee had discharged initial burden of proof. The involvement of assessee's brother-in-law in transactions was deemed reasonable, and his inability to answer certain queries about company directors and business was not fatal given substantial supporting evidence. en-us Thu, 10 Oct 2024 00:00:00 +0530 Tue, 22 Oct 2024 08:34:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760482 ITAT Mumbai upheld CIT-A's deletion of addition u/s 68 and denial of exemption u/s 10(38) regarding alleged bogus share transactions. Despite AO's concerns about abnormal price rise in penny stock shares and assessee's limited knowledge of the company, the tribunal found overwhelming evidence of genuine share purchase through Demat account records and call details. The tribunal held that AO failed to prove sham transactions beyond circumstantial evidence, and assessee had discharged initial burden of proof. The involvement of assessee's brother-in-law in transactions was deemed reasonable, and his inability to answer certain queries about company directors and business was not fatal given substantial supporting evidence. Case-Laws Income Tax Thu, 10 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760482