https://www.taxtmi.com/caselaws?id=767986 ITAT Mumbai dismissed revenue's appeal regarding unexplained cash credit under section 68. The assessee had not claimed long-term capital gains exemption under section 10(38) and no evidence established price rigging involvement. Following Aadesh Commodities precedent, the tribunal held that treating sale transactions as bogus would create adjustable losses against section 68 additions, making the exercise tax neutral. Since amounts were disclosed in Profit Loss Account, double taxation was impermissible. The appellate order was upheld as well-reasoned. en-us Thu, 20 Mar 2025 00:00:00 +0530 Fri, 28 Mar 2025 08:31:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767986 ITAT Mumbai dismissed revenue's appeal regarding unexplained cash credit under section 68. The assessee had not claimed long-term capital gains exemption under section 10(38) and no evidence established price rigging involvement. Following Aadesh Commodities precedent, the tribunal held that treating sale transactions as bogus would create adjustable losses against section 68 additions, making the exercise tax neutral. Since amounts were disclosed in Profit Loss Account, double taxation was impermissible. The appellate order was upheld as well-reasoned. Case-Laws Income Tax Thu, 20 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767986