https://www.taxtmi.com/caselaws?id=461029 ITAT Mumbai held that a claimed exempt long-term capital gain from sale of shares was non-genuine where the shares were bought at a nominal price and later sold at an unexplained inflated price. The surrounding circumstances, including the timing of dematerialisation and sale, were found inconsistent with normal human conduct. Applying the preponderance of human probabilities and the principle that substance prevails over form, the Tribunal treated the transaction as bogus. The addition under section 68 was therefore upheld and the exemption claim for long-term capital gain was rejected. en-us Thu, 21 Nov 2019 00:00:00 +0530 Fri, 07 Mar 2025 19:19:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461029 ITAT Mumbai held that a claimed exempt long-term capital gain from sale of shares was non-genuine where the shares were bought at a nominal price and later sold at an unexplained inflated price. The surrounding circumstances, including the timing of dematerialisation and sale, were found inconsistent with normal human conduct. Applying the preponderance of human probabilities and the principle that substance prevails over form, the Tribunal treated the transaction as bogus. The addition under section 68 was therefore upheld and the exemption claim for long-term capital gain was rejected. Case-Laws Income Tax Thu, 21 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461029