https://www.taxtmi.com/caselaws?id=769833 ITAT Mumbai allowed assessee's appeal against addition under Section 68 for alleged bogus long-term capital gains and unexplained share capital/premium from private companies. The tribunal held that assessee discharged its burden by providing required documents proving creditor identity, creditworthiness, and transaction genuineness. However, AO failed to discharge the shifted burden of disproving these documents, instead relying on incomplete enquiry, incorrect appreciation of financial statements, and general allegations from investigation report. ITAT set aside CIT(A)'s order and directed AO to delete the Section 68 addition. en-us Tue, 08 Apr 2025 00:00:00 +0530 Fri, 02 May 2025 08:54:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769833 ITAT Mumbai allowed assessee's appeal against addition under Section 68 for alleged bogus long-term capital gains and unexplained share capital/premium from private companies. The tribunal held that assessee discharged its burden by providing required documents proving creditor identity, creditworthiness, and transaction genuineness. However, AO failed to discharge the shifted burden of disproving these documents, instead relying on incomplete enquiry, incorrect appreciation of financial statements, and general allegations from investigation report. ITAT set aside CIT(A)'s order and directed AO to delete the Section 68 addition. Case-Laws Income Tax Tue, 08 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769833