No addition u/s 68 for bogus LTCG without substantial evidence

L. K. Prahladka, HUF Vs ITO (ITAT Kolkata) Conclusion: Since assessee had brought all the relevant material to substantiate its claim that transactions of the purchase and sale of shares were genuine and AO had brought nothing controverting material to deny the same, therefore, the long term capital gain (LTCG) on sale of shares of M/s. KAFL claimed as exempt by assessee could not be treated as bogus simply on the basis of some reports of investigation wing. Held: Assessee claimed long term capital gains from sale of shares of M/s. KAFL. AO after taking note of information received from invest...