ITAT Mumbai Deletes LTCG Addition as No Evidence of Share Transaction Being Bogus

Bharat Kumar Gadodia Vs ACIT (ITAT Mumbai) The ITAT Mumbai considered an appeal filed by the assessee against an order passed by the National Faceless Appeal Centre under Section 250 of the Income Tax Act for Assessment Year 2014–15, arising from assessment under Sections 143(3) read with 147. The dispute related to the addition of ₹95,80,971, being the sale proceeds of shares, which the Assessing Officer treated as a bogus transaction and denied exemption of Long-Term Capital Gain (LTCG) claimed under Section 10(38). The assessee had been engaged in share investment since 2009 and had pur...