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ITAT Mumbai deleted Bogus LTCG additions for Lack of Direct Evidence
Case Law Details
- Case Name
- Ketan Harilal Mehta Vs ACIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Mumbai
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Ketan Harilal Mehta Vs ACIT (ITAT Mumbai)
Bogus LTCG Allegation Rejected—Section 10(38) Exemption Allowed; Additions u/s 68 & 69C Deleted
The Mumbai ITAT (E Bench) allowed the appeal of Ketan Harilal Mehta for AY 2014-15 and deleted additions relating to alleged bogus long-term capital gains (LTCG) arising from sale of shares of SRK Industries.
Tribunal held that:
The assessee had genuinely earned LTCG of ₹74.34 lakh, which was exempt under section 10(38).
Shares were purchased through proper channels, held in the demat account for more than 18 months, and sold through screen-bas...
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