Sale of shares on stock exchange cannot be treated as unexplained u/s. 68: ITAT Mumbai

Vikram N. Chandan Vs ITO (ITAT Mumbai)

ITAT Mumbai held that addition in respect of sale proceeds received for sale of shares on the stock exchange (BSE) as unexplained cash credit under section 68 of the Income Tax Act unjustified.

Facts- Vide the present appeal, the grounds taken by the assessee are in respect of addition made under section 68 by denying exemption claimed under section 10(38) of the Act for the sale proceeds of listed equity shares alleged as penny stock amounting to ₹ 1,01,38,461 and for addition of ₹ 5,06,923 under section 69C as une

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