https://www.taxtmi.com/caselaws?id=769345 ITAT Mumbai dismissed Revenue's appeal challenging deletion of additions for unexplained cash credit under Section 68 and bogus short-term capital loss from penny stock transactions. The assessee conducted transactions through SEBI-registered broker on stock exchange platform with STT payment and banking channel routing, supported by documentary evidence. AO failed to identify specific discrepancies in documents or provide substantive material justifying additions. Revenue produced no evidence of assessee's participation in dubious accommodation entries or price rigging. ITAT held assessee discharged burden of proof through relevant documentation, while AO's conclusions were based on assumptions and conjectures without cogent material support. en-us Mon, 21 Apr 2025 00:00:00 +0530 Thu, 24 Apr 2025 09:13:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769345 ITAT Mumbai dismissed Revenue's appeal challenging deletion of additions for unexplained cash credit under Section 68 and bogus short-term capital loss from penny stock transactions. The assessee conducted transactions through SEBI-registered broker on stock exchange platform with STT payment and banking channel routing, supported by documentary evidence. AO failed to identify specific discrepancies in documents or provide substantive material justifying additions. Revenue produced no evidence of assessee's participation in dubious accommodation entries or price rigging. ITAT held assessee discharged burden of proof through relevant documentation, while AO's conclusions were based on assumptions and conjectures without cogent material support. Case-Laws Income Tax Mon, 21 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769345