LTCG cannot be disallowed merely based on info received from DDIT

Ld. AR representing the assessee submitted that the AO has made additions only on the basis of information received from DDIT (investigation) Bombay in respect of search action conducted on M/s. Mahanagar Securties (Now M/s. Alag Securities Pvt. Ltd.) and group companies. It was further submitted that the entire action of AO is based on the statement of Shri Mukesh Chokshi who claimed to be mentor and the main person in the M/s. Mahanagar Securties Group Companies It was further submitted that the assessee has claimed long term capital gain on the share transaction of M/s. Buniyad Chemicals an...