https://www.taxtmi.com/caselaws?id=783122 The ITAT Mumbai allowed the assessee's appeal and deleted the addition made under s. 68 on alleged bogus share transactions. The Tribunal held that the assessee had duly demonstrated genuine long-term capital gains exempt under s. 10(38) by furnishing contract notes, bank statements, STT payment proof, and Demat records showing purchase and sale of SAL shares through BSE, with no dispute regarding receipt of sale proceeds. Once these primary facts were established, the burden shifted to the AO, who failed to produce cogent material to prove the transactions were sham. The impugned appellate order was set aside and the addition quashed. en-us Thu, 04 Dec 2025 00:00:00 +0530 Mon, 08 Dec 2025 12:43:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783122 The ITAT Mumbai allowed the assessee's appeal and deleted the addition made under s. 68 on alleged bogus share transactions. The Tribunal held that the assessee had duly demonstrated genuine long-term capital gains exempt under s. 10(38) by furnishing contract notes, bank statements, STT payment proof, and Demat records showing purchase and sale of SAL shares through BSE, with no dispute regarding receipt of sale proceeds. Once these primary facts were established, the burden shifted to the AO, who failed to produce cogent material to prove the transactions were sham. The impugned appellate order was set aside and the addition quashed. Case-Laws Income Tax Thu, 04 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783122