https://www.taxtmi.com/caselaws?id=461011 The ITAT Mumbai held that addition under section 68 for alleged bogus long-term capital gain/short-term capital loss was not justified. The AO relied solely on a general statement from an individual who later retracted through affidavit, without conducting independent inquiry. The assessee demonstrated regular investment activity across 26 different scrips, indicating genuine trading. The particular scrip remained listed on stock exchange throughout the relevant period with no adverse findings by SEBI or other agencies. The AO failed to verify with the assessee's broker or exit provider, making the addition unsustainable based merely on investigation wing information regarding accommodation entries. en-us Mon, 16 Oct 2023 00:00:00 +0530 Thu, 06 Mar 2025 19:39:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461011 The ITAT Mumbai held that addition under section 68 for alleged bogus long-term capital gain/short-term capital loss was not justified. The AO relied solely on a general statement from an individual who later retracted through affidavit, without conducting independent inquiry. The assessee demonstrated regular investment activity across 26 different scrips, indicating genuine trading. The particular scrip remained listed on stock exchange throughout the relevant period with no adverse findings by SEBI or other agencies. The AO failed to verify with the assessee's broker or exit provider, making the addition unsustainable based merely on investigation wing information regarding accommodation entries. Case-Laws Income Tax Mon, 16 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461011