https://www.taxtmi.com/caselaws?id=775362 The ITAT Mumbai set aside the addition made under Section 68 regarding LTCG on shares allotted pursuant to a Bombay HC order in a demerger. The assessee furnished comprehensive documentary evidence, including demat and bank statements, which were not disputed by the revenue. The LTCG proceeds were received through legitimate banking channels, and shares were credited to the demat account with transactions routed via BSE. No evidence of price manipulation or circular transactions was established by the revenue. Relying on precedent, the tribunal deleted the addition, allowing the assessee's appeal. en-us Mon, 21 Jul 2025 00:00:00 +0530 Tue, 22 Jul 2025 16:57:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775362 The ITAT Mumbai set aside the addition made under Section 68 regarding LTCG on shares allotted pursuant to a Bombay HC order in a demerger. The assessee furnished comprehensive documentary evidence, including demat and bank statements, which were not disputed by the revenue. The LTCG proceeds were received through legitimate banking channels, and shares were credited to the demat account with transactions routed via BSE. No evidence of price manipulation or circular transactions was established by the revenue. Relying on precedent, the tribunal deleted the addition, allowing the assessee's appeal. Case-Laws Income Tax Mon, 21 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775362