https://www.taxtmi.com/caselaws?id=461040 The ITAT Mumbai ruled in favor of the assessee regarding addition under section 68 for alleged bogus long-term capital gains. The AO disbelieved share transactions solely because the company was identified as a penny stock by the investigation wing. The Tribunal found that the AO failed to disprove documentary evidence including demat account entries, bank routing, and purchase/sale records. The AO did not establish that the assessee or advisors were part of any syndicate. Following precedent from Shyam Power case, the Tribunal concluded these were genuine transactions, not accommodation entries to convert unaccounted money. en-us Mon, 28 Nov 2022 00:00:00 +0530 Sat, 08 Mar 2025 15:22:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461040 The ITAT Mumbai ruled in favor of the assessee regarding addition under section 68 for alleged bogus long-term capital gains. The AO disbelieved share transactions solely because the company was identified as a penny stock by the investigation wing. The Tribunal found that the AO failed to disprove documentary evidence including demat account entries, bank routing, and purchase/sale records. The AO did not establish that the assessee or advisors were part of any syndicate. Following precedent from Shyam Power case, the Tribunal concluded these were genuine transactions, not accommodation entries to convert unaccounted money. Case-Laws Income Tax Mon, 28 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461040