https://www.taxtmi.com/caselaws?id=776183 ITAT Mumbai upheld the CIT(A)'s order allowing the assessee's claim of LTCG on sale of penny stocks, rejecting the AO's disallowance under sections 69/68 for alleged bogus transactions. The assessee discharged the primary onus by providing confirmations and evidence of long-term shareholding (19 years) and payment of STT. The AO failed to produce adverse material or summon the confirming party. The tribunal affirmed that without contrary evidence, the transaction cannot be deemed non-genuine. The revenue's appeal was dismissed, aligning with precedents where long-held shares sold through recognized exchanges were not to be treated as cash credits. en-us Tue, 15 Jul 2025 00:00:00 +0530 Tue, 05 Aug 2025 17:40:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776183 ITAT Mumbai upheld the CIT(A)'s order allowing the assessee's claim of LTCG on sale of penny stocks, rejecting the AO's disallowance under sections 69/68 for alleged bogus transactions. The assessee discharged the primary onus by providing confirmations and evidence of long-term shareholding (19 years) and payment of STT. The AO failed to produce adverse material or summon the confirming party. The tribunal affirmed that without contrary evidence, the transaction cannot be deemed non-genuine. The revenue's appeal was dismissed, aligning with precedents where long-held shares sold through recognized exchanges were not to be treated as cash credits. Case-Laws Income Tax Tue, 15 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776183