https://www.taxtmi.com/caselaws?id=762072 ITAT Mumbai allowed the assessee's appeal against reopening of assessment u/s 147 and addition u/s 68 for bogus LTCG. The assessee successfully demonstrated genuineness by producing payment vouchers, contract notes, demat statements, broker ledgers, and bank statements. AO failed to provide cross-examination opportunity for witnesses whose statements were relied upon, and no SEBI orders existed against the assessee. Following Bombay HC precedent in South Yara Holdings case with identical circumstances, the reopening was quashed. The assessee discharged prima-facie burden u/s 68, making the addition unsustainable on both legal and merit grounds. en-us Fri, 11 Oct 2024 00:00:00 +0530 Fri, 22 Nov 2024 10:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762072 ITAT Mumbai allowed the assessee's appeal against reopening of assessment u/s 147 and addition u/s 68 for bogus LTCG. The assessee successfully demonstrated genuineness by producing payment vouchers, contract notes, demat statements, broker ledgers, and bank statements. AO failed to provide cross-examination opportunity for witnesses whose statements were relied upon, and no SEBI orders existed against the assessee. Following Bombay HC precedent in South Yara Holdings case with identical circumstances, the reopening was quashed. The assessee discharged prima-facie burden u/s 68, making the addition unsustainable on both legal and merit grounds. Case-Laws Income Tax Fri, 11 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762072