https://www.taxtmi.com/caselaws?id=761439 ITAT Mumbai held that sale consideration from shares traded on stock exchange through banking channels cannot be treated as unexplained cash credit under section 68. The tribunal found share purchase/sale transactions genuine with proper documentation including demat account entries. Following Delhi HC precedent in PCIT vs. Smt Krishna Devi, the tribunal rejected AO's reasoning based on price increases and company fundamentals as mere conjecture. Addition of estimated commission expenses was also deleted. CIT(A) order set aside, assessee's appeal allowed. en-us Wed, 09 Oct 2024 00:00:00 +0530 Sat, 09 Nov 2024 13:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761439 ITAT Mumbai held that sale consideration from shares traded on stock exchange through banking channels cannot be treated as unexplained cash credit under section 68. The tribunal found share purchase/sale transactions genuine with proper documentation including demat account entries. Following Delhi HC precedent in PCIT vs. Smt Krishna Devi, the tribunal rejected AO's reasoning based on price increases and company fundamentals as mere conjecture. Addition of estimated commission expenses was also deleted. CIT(A) order set aside, assessee's appeal allowed. Case-Laws Income Tax Wed, 09 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761439