Addition u/s. 68 set aside as AO nowhere proved involvement in price rigging of scrips

Mukesh Vallabhdas Shah Vs ITO (ITAT Mumbai)

ITAT Mumbai held that capital gains cannot be treated as unaccounted income under section 68 of the Income Tax Act since AO nowhere proved that assessee himself was involved in price rigging of any of the scrips. Accordingly, appeal of assessee stands allowed.

Facts- The present appeals have been filed by the assessee challenging the impugned order dt. 28.01.2025 passed under section 250 of the Income Tax Act, 1961, by the National Faceless Appeal Centre (NFAC) / CIT(A) for the assessment year 2015-16. The solitar

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