Addition u/s 68 unsustainable as assessee’s involved in price manipulation not established

Poornima Ramesh Shenoy Vs ITO (ITAT Mumbai) ITAT Mumbai held that addition u/s 68 unsustainable as department failed to establish that assessee was involved in price manipulation even after purchasing and selling the shares on the stock exchange through SEBI registered stock. Facts- The assessee is an individual and for the year under consideration filed the return of income on 13/04/2015, declaring a total income of Rs. 20,480/-. The return filed by the assessee was selected for scrutiny and statutory notices u/s. 143(2) as well as Section 142(1) of the Income Tax Act were issued and served o...