https://www.taxtmi.com/caselaws?id=784540 The dominant issue was whether an addition under s.68 could be sustained on an alleged exempt long-term capital gain under s.10(38) from share transactions when no corresponding credit appeared in the assessee's records. The ITAT held that s.68 requires a sum credited in the books, and in the absence of any entry in the assessee's books of account or any corroborating bank transaction evidencing receipt, there was no material to establish any money received from the alleged share transaction. Since no such credit or evidence existed to trigger s.68, the addition was held unsustainable and was deleted; the appeal was allowed. en-us Fri, 21 Nov 2025 00:00:00 +0530 Tue, 06 Jan 2026 15:27:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784540 The dominant issue was whether an addition under s.68 could be sustained on an alleged exempt long-term capital gain under s.10(38) from share transactions when no corresponding credit appeared in the assessee's records. The ITAT held that s.68 requires a sum credited in the books, and in the absence of any entry in the assessee's books of account or any corroborating bank transaction evidencing receipt, there was no material to establish any money received from the alleged share transaction. Since no such credit or evidence existed to trigger s.68, the addition was held unsustainable and was deleted; the appeal was allowed. Case-Laws Income Tax Fri, 21 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784540