Alleged Sham Transaction to avoid Capital Gain Tax: ITAT deletes Addition

Babusinh P. Thakor Vs ITO (ITAT Ahmedabad) Income Tax Appellate Tribunal (ITAT) Ahmedabad has recently delivered a verdict in Babusinh P. Thakor Vs ITO, addressing the matter of an unjust addition to the assessed tax liability. In this ruling, the Tribunal has directed the deletion of an addition made by the Assessing Officer (AO) on the grounds of wrongful assessment of the tax liability. This article provides an in-depth analysis of the case and the conclusion drawn by ITAT. In this case, the appellant (Babusinh P. Thakor) was charged for short-term capital gain tax of Rs. 92,00,000 against ...