https://www.taxtmi.com/caselaws?id=782520 ITAT Mumbai held that the addition under s.68 on account of alleged bogus LTCG from sale of SSL shares was unsustainable. It noted the assessee was a regular trader in securities, had held the shares since 1996, and produced a valid share transfer letter and demat statement evidencing purchase and sale. The assessee had treated the sale proceeds as business income and claimed no exemption u/s 10(38). ITAT found no material showing the assessee or its broker participated in price rigging, and criticized the AO for relying only on third-party statements without independent enquiry. The reassessment and consequent addition were set aside and the addition deleted. en-us Mon, 24 Nov 2025 00:00:00 +0530 Mon, 01 Dec 2025 08:50:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782520 ITAT Mumbai held that the addition under s.68 on account of alleged bogus LTCG from sale of SSL shares was unsustainable. It noted the assessee was a regular trader in securities, had held the shares since 1996, and produced a valid share transfer letter and demat statement evidencing purchase and sale. The assessee had treated the sale proceeds as business income and claimed no exemption u/s 10(38). ITAT found no material showing the assessee or its broker participated in price rigging, and criticized the AO for relying only on third-party statements without independent enquiry. The reassessment and consequent addition were set aside and the addition deleted. Case-Laws Income Tax Mon, 24 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782520