https://www.taxtmi.com/caselaws?id=766706 The ITAT Ahmedabad allowed the assessee's appeal against addition under section 68 for alleged bogus LTCG and denial of exemption under section 10(38). The assessee purchased penny stock shares at nominal prices and sold them at higher prices through recognized stock exchanges. Following Gujarat HC precedents in Affluence Commodities and Sandipkumar Patel cases, the Tribunal held that transactions were genuine as payments were made through account payee cheques via stock exchanges, with no evidence of cash payments. The AO's addition treating LTCG as unexplained cash credit was deleted, and the assessee's grounds were allowed. en-us Fri, 28 Feb 2025 00:00:00 +0530 Mon, 03 Mar 2025 08:22:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766706 The ITAT Ahmedabad allowed the assessee's appeal against addition under section 68 for alleged bogus LTCG and denial of exemption under section 10(38). The assessee purchased penny stock shares at nominal prices and sold them at higher prices through recognized stock exchanges. Following Gujarat HC precedents in Affluence Commodities and Sandipkumar Patel cases, the Tribunal held that transactions were genuine as payments were made through account payee cheques via stock exchanges, with no evidence of cash payments. The AO's addition treating LTCG as unexplained cash credit was deleted, and the assessee's grounds were allowed. Case-Laws Income Tax Fri, 28 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766706