https://www.taxtmi.com/caselaws?id=762034 The ITAT Varanasi ruled in favor of the assessee regarding addition under section 68 for alleged bogus share transactions. Despite SEBI's order on irregularities and synchronized trades by the broker, the AO failed to establish the assessee's involvement in price rigging or find fault with submitted documents. Since share purchases were accepted in earlier years and sales occurred through legitimate stock exchange platforms with proceeds received via banking channels, the sale consideration could not be treated as unexplained cash credit under section 68. The addition was ordered to be deleted. However, issues regarding bank deposits and interest expenditure disallowance under section 24 were remanded to the AO for fresh examination. en-us Tue, 22 Oct 2024 00:00:00 +0530 Fri, 22 Nov 2024 07:50:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762034 The ITAT Varanasi ruled in favor of the assessee regarding addition under section 68 for alleged bogus share transactions. Despite SEBI's order on irregularities and synchronized trades by the broker, the AO failed to establish the assessee's involvement in price rigging or find fault with submitted documents. Since share purchases were accepted in earlier years and sales occurred through legitimate stock exchange platforms with proceeds received via banking channels, the sale consideration could not be treated as unexplained cash credit under section 68. The addition was ordered to be deleted. However, issues regarding bank deposits and interest expenditure disallowance under section 24 were remanded to the AO for fresh examination. Case-Laws Income Tax Tue, 22 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762034