https://www.taxtmi.com/caselaws?id=462137 ITAT Mumbai allowed the assessee's appeal against additions made under sections 68 and 69C for alleged bogus long-term capital gains from penny stock sales. The tribunal held that the AO failed to establish the assessee's involvement in price rigging and found no fault with supporting documents. Since share purchases were accepted in earlier years and sales occurred through legitimate stock exchange platforms with proceeds received via banking channels, the sale consideration could not be treated as unexplained cash credit under section 68. Consequently, additions for estimated commission expenses under section 69C were also deleted, and the CIT(A)'s order was set aside. en-us Wed, 28 Feb 2024 00:00:00 +0530 Tue, 27 May 2025 19:09:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462137 ITAT Mumbai allowed the assessee's appeal against additions made under sections 68 and 69C for alleged bogus long-term capital gains from penny stock sales. The tribunal held that the AO failed to establish the assessee's involvement in price rigging and found no fault with supporting documents. Since share purchases were accepted in earlier years and sales occurred through legitimate stock exchange platforms with proceeds received via banking channels, the sale consideration could not be treated as unexplained cash credit under section 68. Consequently, additions for estimated commission expenses under section 69C were also deleted, and the CIT(A)'s order was set aside. Case-Laws Income Tax Wed, 28 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462137