https://www.taxtmi.com/caselaws?id=461042 ITAT Mumbai held that assessee successfully discharged burden under Section 68 by providing documentary evidence of share transactions through demat account and bank routing. AO's reliance solely on investigation reports without disproving assessee's documents was insufficient to establish bogus LTCG. Assessee's sale during price decline indicated genuine investment rather than accommodation entries. CIT(A)'s deletion of sale consideration assessment and commission expenses was upheld. Regarding SMS-based additions, ITAT ruled that payments from explained cash balances in family books cannot be added on mere suspicion, directing deletion of additions totaling Rs. 20 lakhs across both assessment years. en-us Fri, 16 Jun 2023 00:00:00 +0530 Sat, 08 Mar 2025 15:22:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461042 ITAT Mumbai held that assessee successfully discharged burden under Section 68 by providing documentary evidence of share transactions through demat account and bank routing. AO's reliance solely on investigation reports without disproving assessee's documents was insufficient to establish bogus LTCG. Assessee's sale during price decline indicated genuine investment rather than accommodation entries. CIT(A)'s deletion of sale consideration assessment and commission expenses was upheld. Regarding SMS-based additions, ITAT ruled that payments from explained cash balances in family books cannot be added on mere suspicion, directing deletion of additions totaling Rs. 20 lakhs across both assessment years. Case-Laws Income Tax Fri, 16 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461042