https://www.taxtmi.com/caselaws?id=464934 ITAT Mumbai condoned a 174-day delay in filing the appeal, holding that the assessee had shown reasonable cause, relying on SC precedent. On merits, ITAT examined the assessee's claim of exemption under s.10(38) on LTCG from share transactions in a scrip alleged to be a penny stock and taxed as unexplained cash credits under s.68. While noting suspicious features, ITAT found no discrepancy in the assessee's documents and no material from the Revenue or SEBI linking the assessee to price rigging, entry, or exit operations, following Bombay HC guidance. The addition under s.68 was deleted and interest under ss.234B/234C was treated as consequential. en-us Fri, 15 Mar 2024 00:00:00 +0530 Mon, 24 Nov 2025 18:58:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464934 ITAT Mumbai condoned a 174-day delay in filing the appeal, holding that the assessee had shown reasonable cause, relying on SC precedent. On merits, ITAT examined the assessee's claim of exemption under s.10(38) on LTCG from share transactions in a scrip alleged to be a penny stock and taxed as unexplained cash credits under s.68. While noting suspicious features, ITAT found no discrepancy in the assessee's documents and no material from the Revenue or SEBI linking the assessee to price rigging, entry, or exit operations, following Bombay HC guidance. The addition under s.68 was deleted and interest under ss.234B/234C was treated as consequential. Case-Laws Income Tax Fri, 15 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464934