https://www.taxtmi.com/caselaws?id=768830 ITAT Mumbai held that assessee's sale proceeds from shares could not be treated as unexplained cash credit under Section 68. Assessee held shares for 17 months, transacted through banking channels, and provided supporting documents including purchase bills, bank statements, and DP statements. The court found assessee discharged prima facie burden under Section 68. AO's addition was based solely on investigation reports and price movements without establishing assessee's involvement in bogus transactions. No action was taken against assessee by SEBI or investigation agencies. Addition was deleted as unsustainable conjecture. en-us Tue, 08 Apr 2025 00:00:00 +0530 Tue, 15 Apr 2025 08:34:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768830 ITAT Mumbai held that assessee's sale proceeds from shares could not be treated as unexplained cash credit under Section 68. Assessee held shares for 17 months, transacted through banking channels, and provided supporting documents including purchase bills, bank statements, and DP statements. The court found assessee discharged prima facie burden under Section 68. AO's addition was based solely on investigation reports and price movements without establishing assessee's involvement in bogus transactions. No action was taken against assessee by SEBI or investigation agencies. Addition was deleted as unsustainable conjecture. Case-Laws Income Tax Tue, 08 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768830