https://www.taxtmi.com/caselaws?id=460428 ITAT Surat ruled in favor of the assessee regarding addition under section 68 for alleged bogus LTCG treated as unexplained cash credit. The tribunal held that mere SEBI investigation against the company does not establish ingenuine transactions by the assessee. The assessee provided complete evidence including contract notes, demat details, and bonus share information without any adverse findings by AO. SEBI's inquiry found no adverse materials or prima facie violations. Since shares were sold through BSE with security transaction tax paid and no allegations against the broker for price manipulation, the tribunal deleted the addition under section 68 and related commission payment addition, allowing the assessee's appeal. en-us Thu, 17 Aug 2023 00:00:00 +0530 Thu, 23 Jan 2025 19:45:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460428 ITAT Surat ruled in favor of the assessee regarding addition under section 68 for alleged bogus LTCG treated as unexplained cash credit. The tribunal held that mere SEBI investigation against the company does not establish ingenuine transactions by the assessee. The assessee provided complete evidence including contract notes, demat details, and bonus share information without any adverse findings by AO. SEBI's inquiry found no adverse materials or prima facie violations. Since shares were sold through BSE with security transaction tax paid and no allegations against the broker for price manipulation, the tribunal deleted the addition under section 68 and related commission payment addition, allowing the assessee's appeal. Case-Laws Income Tax Thu, 17 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460428