Addition of bogus LTCG not sustained since impugned scrip not in list of shares in investigation report

DCIT Vs Chunibhai Haribhai Gajera (ITAT Surat)

ITAT Surat held that addition on account of bogus Long Term Capital Gain under section 68 of the Income Tax Act is not sustainable since the impugned scrip i.e. Kyra Landscapes Ltd. is not in the list of shares in the investigation report in case of project bogus LTCG/STCL.  Accordingly, appeal of department dismissed.

Facts- The case of the assessee was reopened on the basis of the information that assessee has made wrong claim of exempt long-term capital gain u/s. 10(38) of the Income Tax Act on sale of shar

Please become a Premium member. If you are already a Premium member, login here to access the full content.