https://www.taxtmi.com/caselaws?id=772213 ITAT Ahmedabad ruled in favor of the assessee in a case involving unexplained cash credit under Section 68 and alleged bogus long-term capital gains. The tribunal found that shares were properly dematerialized in January 2011, payment made through banking channels, held for 33 months before sale on recognized stock exchange with STT paid. The AO failed to establish assessee's involvement in price manipulation. The tribunal held the transaction was genuine, not bogus, and any price appreciation was incidental benefit, rejecting both AO and CIT(A) findings. en-us Tue, 03 Jun 2025 00:00:00 +0530 Thu, 05 Jun 2025 08:25:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772213 ITAT Ahmedabad ruled in favor of the assessee in a case involving unexplained cash credit under Section 68 and alleged bogus long-term capital gains. The tribunal found that shares were properly dematerialized in January 2011, payment made through banking channels, held for 33 months before sale on recognized stock exchange with STT paid. The AO failed to establish assessee's involvement in price manipulation. The tribunal held the transaction was genuine, not bogus, and any price appreciation was incidental benefit, rejecting both AO and CIT(A) findings. Case-Laws Income Tax Tue, 03 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772213