https://www.taxtmi.com/caselaws?id=761770 ITAT Jaipur held in favor of the assessee regarding additions under sections 68 and 69C for alleged bogus LTCG transactions. The assessee provided comprehensive documentary evidence including purchase bills, bank statements showing payment through banking channels, D-MAT account records maintained by independent third party, contract notes for online sale through recognized stock broker, and receipt of sale proceeds. The AO's conclusion that transactions were bogus penny stock arrangements was based solely on uncorroborated statements from third parties who never specifically named the assessee as beneficiary. Without contrary material evidence to controvert the assessee's documentation, the tribunal deleted the additions and allowed the section 10(38) exemption claim. en-us Wed, 07 Aug 2024 00:00:00 +0530 Fri, 15 Nov 2024 11:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761770 ITAT Jaipur held in favor of the assessee regarding additions under sections 68 and 69C for alleged bogus LTCG transactions. The assessee provided comprehensive documentary evidence including purchase bills, bank statements showing payment through banking channels, D-MAT account records maintained by independent third party, contract notes for online sale through recognized stock broker, and receipt of sale proceeds. The AO's conclusion that transactions were bogus penny stock arrangements was based solely on uncorroborated statements from third parties who never specifically named the assessee as beneficiary. Without contrary material evidence to controvert the assessee's documentation, the tribunal deleted the additions and allowed the section 10(38) exemption claim. Case-Laws Income Tax Wed, 07 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761770