https://www.taxtmi.com/caselaws?id=461585 ITAT Mumbai held that additions under sections 68 and 69C for alleged bogus share transactions were unjustified. The AO failed to provide evidence that the assessee's own money was routed back or establish any nexus with price rigging. No adverse observations were made by the stock exchange. The tribunal ruled that additions based solely on third-party statements without concrete evidence were improper. Following SC precedent, the additions were quashed and the case was decided in favor of the assessee. en-us Tue, 10 Sep 2024 00:00:00 +0530 Mon, 14 Apr 2025 19:03:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461585 ITAT Mumbai held that additions under sections 68 and 69C for alleged bogus share transactions were unjustified. The AO failed to provide evidence that the assessee's own money was routed back or establish any nexus with price rigging. No adverse observations were made by the stock exchange. The tribunal ruled that additions based solely on third-party statements without concrete evidence were improper. Following SC precedent, the additions were quashed and the case was decided in favor of the assessee. Case-Laws Income Tax Tue, 10 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461585