https://www.taxtmi.com/caselaws?id=461596 ITAT Mumbai ruled in favor of assessee regarding addition under section 68 for sale proceeds of listed equity shares alleged as penny stock. Court held that assessee cannot be subjected to section 68 rigors for share sale proceeds received through stock exchange (BSE) and resulting gains. AO failed to provide material evidence showing assessee's involvement in share price manipulation. Court found AO's suspicions baseless, noting assessee was regular investor with legitimate DMAT account holdings. Addition under section 68 was deleted, allowing exemption under section 10(38) for long-term capital gains from listed share sales. en-us Tue, 06 Aug 2024 00:00:00 +0530 Tue, 15 Apr 2025 11:00:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461596 ITAT Mumbai ruled in favor of assessee regarding addition under section 68 for sale proceeds of listed equity shares alleged as penny stock. Court held that assessee cannot be subjected to section 68 rigors for share sale proceeds received through stock exchange (BSE) and resulting gains. AO failed to provide material evidence showing assessee's involvement in share price manipulation. Court found AO's suspicions baseless, noting assessee was regular investor with legitimate DMAT account holdings. Addition under section 68 was deleted, allowing exemption under section 10(38) for long-term capital gains from listed share sales. Case-Laws Income Tax Tue, 06 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461596