https://www.taxtmi.com/caselaws?id=460441 ITAT Surat held that genuine LTCG from sale of listed shares on stock exchange platform cannot be treated as non-genuine arranged LTCG under section 68. The tribunal found that transactions were conducted through BSE with security transaction tax paid, and no allegations existed against the share broker regarding bogus transactions or price manipulation. Following precedent from Bombay HC in PCIT vs. Indravadan Jain HUF, mere SEBI investigation against broker insufficient to deem assessee's transactions ingenuine. Addition under section 68 deleted for lack of cogent evidence. Consequential addition of commission expenses under section 69A also deleted. en-us Thu, 18 Jan 2024 00:00:00 +0530 Fri, 24 Jan 2025 13:30:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460441 ITAT Surat held that genuine LTCG from sale of listed shares on stock exchange platform cannot be treated as non-genuine arranged LTCG under section 68. The tribunal found that transactions were conducted through BSE with security transaction tax paid, and no allegations existed against the share broker regarding bogus transactions or price manipulation. Following precedent from Bombay HC in PCIT vs. Indravadan Jain HUF, mere SEBI investigation against broker insufficient to deem assessee's transactions ingenuine. Addition under section 68 deleted for lack of cogent evidence. Consequential addition of commission expenses under section 69A also deleted. Case-Laws Income Tax Thu, 18 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460441