https://www.taxtmi.com/caselaws?id=461012 The ITAT Mumbai allowed the assessee's appeal against addition of share sale proceeds as unexplained cash credit under Section 68. The AO relied on a generalized investigation report from Kolkata regarding penny stock manipulation without proving the assessee's specific involvement in price rigging. The tribunal noted that share purchases in earlier years were accepted by revenue, sales occurred through recognized stock exchange platforms, and proceeds were received through banking channels. Since SEBI conducted no inquiry against the assessee and the AO failed to establish manipulation involvement, the sale consideration could not be treated as unexplained cash credit. en-us Fri, 05 Apr 2024 00:00:00 +0530 Thu, 06 Mar 2025 19:39:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461012 The ITAT Mumbai allowed the assessee's appeal against addition of share sale proceeds as unexplained cash credit under Section 68. The AO relied on a generalized investigation report from Kolkata regarding penny stock manipulation without proving the assessee's specific involvement in price rigging. The tribunal noted that share purchases in earlier years were accepted by revenue, sales occurred through recognized stock exchange platforms, and proceeds were received through banking channels. Since SEBI conducted no inquiry against the assessee and the AO failed to establish manipulation involvement, the sale consideration could not be treated as unexplained cash credit. Case-Laws Income Tax Fri, 05 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461012