LTCG Cannot Be Treated as Bogus Solely on Investigation Report: ITAT Mumbai

Sumitra Surendra Gadodia Vs ITO (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, adjudicated an appeal filed by the assessee for Assessment Year 2014–15 against the order of the Commissioner of Income-tax (Appeals), NFAC. The dispute primarily related to addition on account of alleged non-genuine long-term capital gains (LTCG) arising from sale of shares of KDJ Holidayscapes Resorts Limited and a small addition under section 68 relating to SRK Industries shares. The assessee had declared LTCG of ₹81.72 lakh from sale of shares of KDJ Holidayscapes Resorts Limited and claimed...