Without evidence LTCG on sale of Shares through Recognized Stock Exchange cannot be treated as Accommodation Entries

Shri Badresh Mansukhlal Dodhia Vs ACIT (ITAT Mumbai) Without evidence LTCG on sale of Shares through Recognized Stock Exchange cannot be treated as Accommodation Entries The main issue under consideration in this appeal is the claim of deduction u/s 10(38) of the Act, the relevant facts are, during the year assessee had earned LTCG of Rs. 99,55,347/- on sale of shares of the scrip M/s Parag Shilpa Investments Ltd (later name changed to M/s PS IT Infra and Service Ltd). The details of the transaction are, assessee purchased 12,500 shares (face value of Rs.10/-) at cost of Rs. 500,000/- and late...