Sharp Jump in Scrip Share Prices Justified for Shares in Demat Form: ITAT deletes Additions u/s 68

The Income Tax Appellate Tribunal (ITAT) deleted additions made under Section 68 of the Income Tax Act concerning a sharp increase in scrip share prices, finding the rise justified for shares in demat form. This ruling supports the legitimacy of market-driven share price fluctuations and underscores the importance of substantiating share price movements with credible evidence. It provides clarity on handling such tax additions, protecting taxpayers from arbitrary assessments.