LTCG on Paper Company Shares: ITAT Upheld Disallowance

Sanjeev Kumar Agarwal (HUF) Vs ITO (ITAT Delhi) It was noticed by the AO that as per computation of income submitted by the assessee, income from LTCG of Rs.22,76,598/-had been claimed out of the sale of shares of Eco Friendly Food Processing Park Ltd. The AO called upon the assessee to substantiate the claim and asked it to file various documents i.e. contract notes for each transaction, relevant copy of Demat Account statement, relevant copy of ledgers in the books of broker, relevant copy of Bank Account statement and details of company in the scrip of which the assessee transacted. In resp...