ITAT Mumbai deleted Bogus LTCG additions for Lack of Direct Evidence

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...