https://www.taxtmi.com/caselaws?id=460003 The ITAT Mumbai ruled in favor of the assessee regarding addition under section 68 for alleged bogus long-term capital gains from penny stock transactions. The AO relied on a generalized investigation report from Kolkata without establishing that the assessee's specific transactions were part of manipulated schemes. The assessee provided evidence of legitimate share purchases and sales through stock exchange platforms at prevailing market rates, with transactions conducted through banking channels and properly recorded in demat accounts. The tribunal found no fault with the documentation and concluded there was insufficient evidence to suspect the genuineness of the transactions. en-us Thu, 25 Jul 2024 00:00:00 +0530 Tue, 07 Jan 2025 17:24:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460003 The ITAT Mumbai ruled in favor of the assessee regarding addition under section 68 for alleged bogus long-term capital gains from penny stock transactions. The AO relied on a generalized investigation report from Kolkata without establishing that the assessee's specific transactions were part of manipulated schemes. The assessee provided evidence of legitimate share purchases and sales through stock exchange platforms at prevailing market rates, with transactions conducted through banking channels and properly recorded in demat accounts. The tribunal found no fault with the documentation and concluded there was insufficient evidence to suspect the genuineness of the transactions. Case-Laws Income Tax Thu, 25 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460003