https://www.taxtmi.com/caselaws?id=765639 ITAT Mumbai allowed the assessee's appeal regarding bogus share purchase allegations. The AO made incorrect calculations for purchase value additions, which CIT(A) partially rectified by deleting excess additions. While the broker's contract note was suspended by NSE, sale transactions and declared profits were accepted. Following the Bombay HC precedent in S.V. Jiwani case, which restricted bogus purchase additions to 12.5%, ITAT found CIT(A)'s confirmed addition unwarranted and deleted it entirely, ruling in favor of the assessee. en-us Mon, 27 Jan 2025 00:00:00 +0530 Thu, 06 Feb 2025 08:42:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765639 ITAT Mumbai allowed the assessee's appeal regarding bogus share purchase allegations. The AO made incorrect calculations for purchase value additions, which CIT(A) partially rectified by deleting excess additions. While the broker's contract note was suspended by NSE, sale transactions and declared profits were accepted. Following the Bombay HC precedent in S.V. Jiwani case, which restricted bogus purchase additions to 12.5%, ITAT found CIT(A)'s confirmed addition unwarranted and deleted it entirely, ruling in favor of the assessee. Case-Laws Income Tax Mon, 27 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765639