2017 (11) TMI 206 - ITAT MUMBAI

Treating the Long Term Capital Gains (LTCG) as unexplained cash credit u/s 68 - Held that:- In Shyam R. Pawar (2014 (12) TMI 977 - BOMBAY HIGH COURT), it has been held by the Hon’ble Bombay High Court that where DMAT account and contract note showed details of share transaction, and Assessing Officer had not proved said transaction as bogus, capital gain earned on said transaction could not be treated as unaccounted income u/s 68.

In the case of Arun Kumar Agarwal (HUF) (2012 (8) TMI 398 - JHARKHAND HIGH COURT), the Hon’ble Jharkhand High Court has held that where assessee’s broker share transaction was bone fide in all respect, merely because share broker was tainted violating SEBI regulations, would not make assessee’s share transactions bogus. Also see M/s Indravadan Jain HUF [2016 (7) TMI 16 - ITAT MUMBAI] - Decided in favour of assessee.