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ITAT Deletes Bogus LTCG Addition on Green Crest Shares; Suspicion Cannot Replace Evidence
Case Law Details
- Case Name
- Jinesh Prakash Thakkar Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Mumbai
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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 stro...
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