https://www.taxtmi.com/caselaws?id=765110 The ITAT Surat-AT deleted an addition under section 68 regarding alleged bogus LTCG/STCG transactions. The AO had assumed price manipulation and booking of capital gains without sufficient evidence. Following the precedent in a similar group case, the Tribunal held that since the assessee sold shares through BSE, paid security transaction tax, and there were no allegations against the share broker regarding price manipulation, treating LTCG as unexplained cash credit was unjustified. The addition of undisclosed income was deleted and the assessee's ground was allowed. en-us Mon, 20 Jan 2025 00:00:00 +0530 Fri, 24 Jan 2025 12:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765110 The ITAT Surat-AT deleted an addition under section 68 regarding alleged bogus LTCG/STCG transactions. The AO had assumed price manipulation and booking of capital gains without sufficient evidence. Following the precedent in a similar group case, the Tribunal held that since the assessee sold shares through BSE, paid security transaction tax, and there were no allegations against the share broker regarding price manipulation, treating LTCG as unexplained cash credit was unjustified. The addition of undisclosed income was deleted and the assessee's ground was allowed. Case-Laws Income Tax Mon, 20 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765110