https://www.taxtmi.com/caselaws?id=462186 The ITAT Mumbai held that additions made under sections 68 and 69C treating long-term capital gains from share sales as bogus could not be sustained under section 153A assessment. The tribunal found no incriminating material was discovered during the search conducted on the assessee. Evidence relied upon by the AO, including Investigation Wing reports and third-party statements, predated the search and could not constitute search-based material. Since the assessment year was concluded and no incriminating evidence was found during search, the additions were deleted and the assessee's appeal was allowed. en-us Mon, 20 Nov 2023 00:00:00 +0530 Fri, 30 May 2025 18:57:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462186 The ITAT Mumbai held that additions made under sections 68 and 69C treating long-term capital gains from share sales as bogus could not be sustained under section 153A assessment. The tribunal found no incriminating material was discovered during the search conducted on the assessee. Evidence relied upon by the AO, including Investigation Wing reports and third-party statements, predated the search and could not constitute search-based material. Since the assessment year was concluded and no incriminating evidence was found during search, the additions were deleted and the assessee's appeal was allowed. Case-Laws Income Tax Mon, 20 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462186