Case Law Details
Case Name : Sejalben N. Vora Vs ITO (ITAT Ahmedabad)
Related Assessment Year : 2014-15
Courts :
All ITAT ITAT Ahmedabad
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Sejalben N. Vora Vs ITO (ITAT Ahmedabad)
ITAT Ahmedabad held that addition u/s. 68 of the Income Tax Act towards long term capital gain treating sale of scrip as bogus on the basis of report unearthed in case of third party without any cogent material brought against assessee is unsustainable in the eye of law.
Facts- During the year under consideration, the appellant claimed substantial long term capital gain, exempt u/s. 10(38) of the Act on sale of script of M/s. Comfort Fincap Ltd. to the tune of Rs.1,65,74,716/-. On the basis of the investigation report issued by the Investigating Wing, K...
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