https://www.taxtmi.com/caselaws?id=462141 ITAT Mumbai allowed the assessee's appeal regarding denial of LTCG exemption on share sale. The AO had treated the transaction as bogus based on Investigation wing's report and assessed sale consideration as unexplained cash credit u/s 68. ITAT held that since share purchase was accepted in earlier year, sale occurred on stock exchange platform, and consideration received through banking channels, the sale consideration cannot be deemed unexplained cash credit. The long term capital gains declared by assessee were upheld as genuine. en-us Mon, 24 Jun 2024 00:00:00 +0530 Tue, 27 May 2025 19:09:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462141 ITAT Mumbai allowed the assessee's appeal regarding denial of LTCG exemption on share sale. The AO had treated the transaction as bogus based on Investigation wing's report and assessed sale consideration as unexplained cash credit u/s 68. ITAT held that since share purchase was accepted in earlier year, sale occurred on stock exchange platform, and consideration received through banking channels, the sale consideration cannot be deemed unexplained cash credit. The long term capital gains declared by assessee were upheld as genuine. Case-Laws Income Tax Mon, 24 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462141