https://www.taxtmi.com/caselaws?id=461049 The ITAT Mumbai ruled in favor of the assessee regarding unexplained cash credit under section 68 and bogus share transactions. The AO had questioned share purchases and sales, claiming price rises didn't match investee company financials. The assessee provided supporting evidence and details for all transactions conducted through banking channels. The AO relied solely on investigation reports without independent inquiry, and the assessee's name wasn't included in the investigation list. Following precedent from Sangeeta Newal Agarwal case involving identical shares, the Tribunal directed deletion of additions and allowed the appeal. en-us Thu, 21 Dec 2023 00:00:00 +0530 Fri, 07 Mar 2025 11:47:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461049 The ITAT Mumbai ruled in favor of the assessee regarding unexplained cash credit under section 68 and bogus share transactions. The AO had questioned share purchases and sales, claiming price rises didn't match investee company financials. The assessee provided supporting evidence and details for all transactions conducted through banking channels. The AO relied solely on investigation reports without independent inquiry, and the assessee's name wasn't included in the investigation list. Following precedent from Sangeeta Newal Agarwal case involving identical shares, the Tribunal directed deletion of additions and allowed the appeal. Case-Laws Income Tax Thu, 21 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461049