https://www.taxtmi.com/caselaws?id=782354 The ITAT held that the addition under section 68 on account of alleged bogus long-term capital gains was unsustainable. The assessee had disclosed the exempt LTCG in both the original and the reassessment return and had paid STT. Documentary evidence, including purchase and sale details, contract notes, and proof of source of payment, substantiated genuine share transactions yielding substantial appreciation. The AO and CIT(A) failed to properly consider these materials. Concluding that the LTCG was genuine and section 68 was wrongly invoked, the ITAT allowed the assessee's appeal. en-us Tue, 29 Jul 2025 00:00:00 +0530 Thu, 27 Nov 2025 12:43:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782354 The ITAT held that the addition under section 68 on account of alleged bogus long-term capital gains was unsustainable. The assessee had disclosed the exempt LTCG in both the original and the reassessment return and had paid STT. Documentary evidence, including purchase and sale details, contract notes, and proof of source of payment, substantiated genuine share transactions yielding substantial appreciation. The AO and CIT(A) failed to properly consider these materials. Concluding that the LTCG was genuine and section 68 was wrongly invoked, the ITAT allowed the assessee's appeal. Case-Laws Income Tax Tue, 29 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782354