https://www.taxtmi.com/caselaws?id=461292 The ITAT Mumbai quashed the reopening of assessment based on alleged bogus share trading gains in NYSSA Corporation Ltd and ACI Infocom Ltd, finding the basis factually incorrect as the transactions were disclosed. Regarding additions under section 68, the tribunal held that even if receipts were treated as unexplained cash credits, the corresponding income reduction would increase the assessee's declared loss, which could be set off against the addition, making the exercise tax-neutral. The decision was supported by CBDT Circular No. 11 of 2019 allowing loss set-off from section 68 additions up to assessment year 2016-17. The case was decided in favor of the assessee. en-us Mon, 19 Aug 2024 00:00:00 +0530 Wed, 26 Mar 2025 22:18:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461292 The ITAT Mumbai quashed the reopening of assessment based on alleged bogus share trading gains in NYSSA Corporation Ltd and ACI Infocom Ltd, finding the basis factually incorrect as the transactions were disclosed. Regarding additions under section 68, the tribunal held that even if receipts were treated as unexplained cash credits, the corresponding income reduction would increase the assessee's declared loss, which could be set off against the addition, making the exercise tax-neutral. The decision was supported by CBDT Circular No. 11 of 2019 allowing loss set-off from section 68 additions up to assessment year 2016-17. The case was decided in favor of the assessee. Case-Laws Income Tax Mon, 19 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461292