https://www.taxtmi.com/caselaws?id=460936 ITAT Mumbai held that long-term capital gains cannot be treated as bogus accommodation entries under section 68 merely based on investigation wing reports. The assessee purchased scrips through proper banking channels and registered stock exchange. The AO's addition was unjustified as transactions were genuine. Following precedent in Pratibha S. Mhatre, the tribunal directed AO to grant exemption under section 10(38) and decided in favor of assessee. en-us Wed, 21 Sep 2022 00:00:00 +0530 Mon, 03 Mar 2025 18:59:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460936 ITAT Mumbai held that long-term capital gains cannot be treated as bogus accommodation entries under section 68 merely based on investigation wing reports. The assessee purchased scrips through proper banking channels and registered stock exchange. The AO's addition was unjustified as transactions were genuine. Following precedent in Pratibha S. Mhatre, the tribunal directed AO to grant exemption under section 10(38) and decided in favor of assessee. Case-Laws Income Tax Wed, 21 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460936