https://www.taxtmi.com/caselaws?id=460938 ITAT Ahmedabad allowed the assessee's appeal challenging addition under Section 68 and denial of exemption under Section 10(38) for long-term capital gains. The Revenue alleged bogus capital gains through share price rigging of a listed company. The tribunal held that mere price fluctuation from Rs. 13.50 to Rs. 680 over four years doesn't prove manipulation. The assessee's mother purchased shares in 2009-10, gifted to assessee who held them for 55 months before sale. Revenue failed to provide evidence of accommodation entries or price rigging. The tribunal deleted the addition, finding Revenue's case based on unsubstantiated suspicions without cogent documentation. en-us Thu, 30 Nov 2023 00:00:00 +0530 Mon, 03 Mar 2025 18:59:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460938 ITAT Ahmedabad allowed the assessee's appeal challenging addition under Section 68 and denial of exemption under Section 10(38) for long-term capital gains. The Revenue alleged bogus capital gains through share price rigging of a listed company. The tribunal held that mere price fluctuation from Rs. 13.50 to Rs. 680 over four years doesn't prove manipulation. The assessee's mother purchased shares in 2009-10, gifted to assessee who held them for 55 months before sale. Revenue failed to provide evidence of accommodation entries or price rigging. The tribunal deleted the addition, finding Revenue's case based on unsubstantiated suspicions without cogent documentation. Case-Laws Income Tax Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460938