https://www.taxtmi.com/caselaws?id=768493 The ITAT Mumbai ruled in favor of the assessee regarding an addition under Section 68 for alleged bogus LTCG on share sales. The Revenue claimed the assessee used accommodation entries through penny stock transactions to convert unaccounted money. The tribunal found that transactions were conducted through SEBI-registered brokers on stock exchanges with STT payment and proper banking channels. The AO failed to identify specific discrepancies in the documentary evidence provided. The tribunal held that once the assessee produced documentary evidence establishing transaction veracity, the burden shifted to Revenue to prove its case. The addition was deleted as the AO's conclusion lacked cogent supporting material. en-us Fri, 04 Apr 2025 00:00:00 +0530 Tue, 08 Apr 2025 08:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768493 The ITAT Mumbai ruled in favor of the assessee regarding an addition under Section 68 for alleged bogus LTCG on share sales. The Revenue claimed the assessee used accommodation entries through penny stock transactions to convert unaccounted money. The tribunal found that transactions were conducted through SEBI-registered brokers on stock exchanges with STT payment and proper banking channels. The AO failed to identify specific discrepancies in the documentary evidence provided. The tribunal held that once the assessee produced documentary evidence establishing transaction veracity, the burden shifted to Revenue to prove its case. The addition was deleted as the AO's conclusion lacked cogent supporting material. Case-Laws Income Tax Fri, 04 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768493