ITAT Deletes Bogus LTCG Addition on Green Crest Shares; Suspicion Cannot Replace Evidence

Jinesh Prakash Thakkar Vs ITO (ITAT Mumbai) ITAT Deletes Bogus LTCG Addition on Green Crest Shares; Suspicion Cannot Replace Evidence The Mumbai ITAT deleted an addition of ₹69.89 lakh made by the Assessing Officer on account of alleged bogus Long-Term Capital Gains from shares of Green Crest Financial Services Ltd. The reassessment was based on a statement of the company’s director alleging that the scrip was a penny stock. The Assessing Officer treated the exempt LTCG claimed under section 10(38) as unexplained income, primarily on the ground that the company lacked strong financial fund...