Genuineness of Purchase and Sale of Shares Proved by Producing Documentary Evidence: ITAT deletes addition u/s 68 [Read Order]

The assessee having established the genuineness of purchase and sale of shares by producing documentary evidence and declaring the purchase and sale price of shares in conformity with the market rates prevailing on the respective dates
ITAT - ITAT Mumbai - Purchase and Sale of Shares - Shares - taxscan

In recent ruling, the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) deleted addition under Section 68 of Income Tax Act as genuineness of purchase and sale of shares is proven by producing documentary evidence. Brief facts is that the CIT(A) erred in confirming the action of Assessing Officer ( AO )…

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