https://www.taxtmi.com/caselaws?id=776492 The ITAT Mumbai upheld the addition under section 68, denying exemption under section 10(38) for alleged bogus long-term capital gains (LTCG). The tribunal found that the assessee's transactions involved penny stocks with artificially inflated prices, executed through a coordinated scheme among the company, brokers, and traders. The share price movements and profits were deemed unnatural and unsupported by the company's fundamentals. Reliance was placed on precedent decisions, including a coordinate bench and the HC, which upheld similar findings for the same assessment year. The assessee failed to provide satisfactory explanations for the transactions. Consequently, the ITAT dismissed the appeal, affirming the assessments and additions made by the authorities below. en-us Tue, 22 Jul 2025 00:00:00 +0530 Tue, 12 Aug 2025 08:32:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776492 The ITAT Mumbai upheld the addition under section 68, denying exemption under section 10(38) for alleged bogus long-term capital gains (LTCG). The tribunal found that the assessee's transactions involved penny stocks with artificially inflated prices, executed through a coordinated scheme among the company, brokers, and traders. The share price movements and profits were deemed unnatural and unsupported by the company's fundamentals. Reliance was placed on precedent decisions, including a coordinate bench and the HC, which upheld similar findings for the same assessment year. The assessee failed to provide satisfactory explanations for the transactions. Consequently, the ITAT dismissed the appeal, affirming the assessments and additions made by the authorities below. Case-Laws Income Tax Tue, 22 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776492