https://www.taxtmi.com/caselaws?id=766525 ITAT Mumbai allowed the assessee's appeal regarding profit from share sales. The AO treated the transaction as unexplained cash credit under section 68, relying on an investigation report about price manipulation without establishing the assessee's involvement in bogus transactions. The tribunal found that share purchases in earlier years were accepted by revenue, sales occurred through BSE online platform, and payments were received through banking channels. Following PCIT vs Ziauddin A Siddiqui precedent, the tribunal held that without proving the assessee's involvement in price rigging, the transactions cannot be treated as unexplained cash credit. Addition under section 69 was also deleted. en-us Mon, 24 Feb 2025 00:00:00 +0530 Thu, 27 Feb 2025 08:14:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766525 ITAT Mumbai allowed the assessee's appeal regarding profit from share sales. The AO treated the transaction as unexplained cash credit under section 68, relying on an investigation report about price manipulation without establishing the assessee's involvement in bogus transactions. The tribunal found that share purchases in earlier years were accepted by revenue, sales occurred through BSE online platform, and payments were received through banking channels. Following PCIT vs Ziauddin A Siddiqui precedent, the tribunal held that without proving the assessee's involvement in price rigging, the transactions cannot be treated as unexplained cash credit. Addition under section 69 was also deleted. Case-Laws Income Tax Mon, 24 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766525