https://www.taxtmi.com/caselaws?id=772199 ITAT Mumbai ruled in favor of the assessee regarding addition under section 69A and denial of Long Term Capital Gain exemption. The AO's decision was based on investigation wing information and SEBI trading restrictions on Appu/Ejecta Pvt. Ltd. shares. However, trading was subsequently allowed and no adverse SEBI report existed. The tribunal found the department's conclusions were based on conjectures and suspicion rather than concrete evidence, following precedent from Shrenik Kumar Virchand Mardia case involving identical dispute. en-us Wed, 28 May 2025 00:00:00 +0530 Thu, 05 Jun 2025 08:25:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772199 ITAT Mumbai ruled in favor of the assessee regarding addition under section 69A and denial of Long Term Capital Gain exemption. The AO's decision was based on investigation wing information and SEBI trading restrictions on Appu/Ejecta Pvt. Ltd. shares. However, trading was subsequently allowed and no adverse SEBI report existed. The tribunal found the department's conclusions were based on conjectures and suspicion rather than concrete evidence, following precedent from Shrenik Kumar Virchand Mardia case involving identical dispute. Case-Laws Income Tax Wed, 28 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772199