Addition towards capital gain not sustained as assessee’s involvement in price rigging not proved

Manjula H. Vira Vs ACIT (ITAT Mumbai) ITAT Mumbai held that the long term capital gains declared by assessee cannot be considered to be bogus since AO didn’t established assessee’s involvement in price rigging. Accordingly, addition not sustainable. Facts- During the year under consideration, the assessee had declared long term capital gains of Rs.3.21 crores on sale of shares of M/s. Greencrest Financial Services Limited (earlier known as Marigold Glass Industries Ltd.) and claimed the same as exempt u/s 10(38) of the Act. The Investigation Wing had carried out investigation with regard t...