https://www.taxtmi.com/caselaws?id=761160 ITAT Kolkata allowed the appeal against addition u/s 68 for alleged bogus share transactions. The assessee traded shares through SEBI registered broker and recognized stock exchange, with transactions reflected in bank statements. SEBI had ruled that the company was not a shell entity and no price manipulation occurred. The assessee sold shares at Rs. 19-22 per share when market price reached Rs. 48.6, indicating genuine transactions rather than manipulation. AO and CIT(A) failed to establish collusion or prove transactions were bogus. Addition deleted. en-us Tue, 17 Sep 2024 00:00:00 +0530 Wed, 06 Nov 2024 08:34:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761160 ITAT Kolkata allowed the appeal against addition u/s 68 for alleged bogus share transactions. The assessee traded shares through SEBI registered broker and recognized stock exchange, with transactions reflected in bank statements. SEBI had ruled that the company was not a shell entity and no price manipulation occurred. The assessee sold shares at Rs. 19-22 per share when market price reached Rs. 48.6, indicating genuine transactions rather than manipulation. AO and CIT(A) failed to establish collusion or prove transactions were bogus. Addition deleted. Case-Laws Income Tax Tue, 17 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761160