https://www.taxtmi.com/caselaws?id=768234 The ITAT Mumbai ruled in favor of the assessee regarding addition under section 68 for sale proceeds of shares in Virtual Global Education Ltd., which the AO alleged was a penny stock. The assessee had properly reported short-term capital gains from trading these scrips in her return and paid applicable taxes. The ITAT found that the AO's conclusions were based on surmises and presumptions without proper factual basis or corroboration. The AO failed to establish how income had escaped assessment when it was already reported and taxed. The addition was deleted, deciding against the revenue department. en-us Fri, 28 Mar 2025 00:00:00 +0530 Tue, 01 Apr 2025 14:11:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768234 The ITAT Mumbai ruled in favor of the assessee regarding addition under section 68 for sale proceeds of shares in Virtual Global Education Ltd., which the AO alleged was a penny stock. The assessee had properly reported short-term capital gains from trading these scrips in her return and paid applicable taxes. The ITAT found that the AO's conclusions were based on surmises and presumptions without proper factual basis or corroboration. The AO failed to establish how income had escaped assessment when it was already reported and taxed. The addition was deleted, deciding against the revenue department. Case-Laws Income Tax Fri, 28 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768234