https://www.taxtmi.com/caselaws?id=460518 The ITAT Mumbai upheld CIT(A)'s deletion of addition u/s 68 for unexplained cash credit regarding LTCG exemption u/s 10(38). Despite AO's concerns about abnormal share price rise in Wagend Infra Venture Ltd (a loss-making, non-dividend paying company), the tribunal found AO failed to conduct proper investigation and relied solely on unverified third-party statements. CIT(A) properly examined assessee's submissions, financial transactions, and creditworthiness of investee company. The tribunal noted revenue had accepted similar LTCG on same scrip in assessee's father's case, preventing inconsistent treatment. Appeal decided against revenue. en-us Mon, 13 Mar 2023 00:00:00 +0530 Thu, 10 Jul 2025 17:12:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460518 The ITAT Mumbai upheld CIT(A)'s deletion of addition u/s 68 for unexplained cash credit regarding LTCG exemption u/s 10(38). Despite AO's concerns about abnormal share price rise in Wagend Infra Venture Ltd (a loss-making, non-dividend paying company), the tribunal found AO failed to conduct proper investigation and relied solely on unverified third-party statements. CIT(A) properly examined assessee's submissions, financial transactions, and creditworthiness of investee company. The tribunal noted revenue had accepted similar LTCG on same scrip in assessee's father's case, preventing inconsistent treatment. Appeal decided against revenue. Case-Laws Income Tax Mon, 13 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460518