Held that purchase and sale transactions were carried out through banking channel and by transfer of shares. The price of the shares of the company abnormally increased during the year under consideration cannot be the sole reason to sustain the addition as cash credits. The AO has not provided anything on record to justify addition under 68 or.69C. Addition is deleted. (AY. 2014-15)
Rohit Devendra Goyal v. ITO (2024) 230 TTJ 561 / 38 NYPTTJ 477 (Mum) (Trib)
S. 68 : Cash credits-Long tern capital gains-Sale of shares-Penny stock-General report of investigation wing-UD Ltd-Consideration received through online trading through BSE platform-Shares have been credited in the demat account and transferred out of demat account at the time of sale-Denial of exemption is not justified-Sale consideration cannot be assessed as cash credits.[S 10(38), 45, 68 69C]