https://www.taxtmi.com/caselaws?id=460856 ITAT Mumbai ruled in favor of the assessee regarding addition under Section 68 for alleged bogus long-term capital gains. The tribunal found that evidence of share purchase/sale transactions, payments, and demat account entries were not disputed by the AO. Since the AO failed to establish price rigging involvement and found no fault with submitted documents, the sale transactions were deemed genuine. The tribunal held that sale consideration cannot be assessed as unexplained cash credit under Section 68, directing deletion of the addition and setting aside the CIT(A) order. en-us Tue, 26 Nov 2024 00:00:00 +0530 Tue, 25 Feb 2025 19:16:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460856 ITAT Mumbai ruled in favor of the assessee regarding addition under Section 68 for alleged bogus long-term capital gains. The tribunal found that evidence of share purchase/sale transactions, payments, and demat account entries were not disputed by the AO. Since the AO failed to establish price rigging involvement and found no fault with submitted documents, the sale transactions were deemed genuine. The tribunal held that sale consideration cannot be assessed as unexplained cash credit under Section 68, directing deletion of the addition and setting aside the CIT(A) order. Case-Laws Income Tax Tue, 26 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460856