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Addition u/s. 68 towards bogus LTCG untenable due to lack of adequate evidence
Case Law Details
- Case Name
- Sheela Ashok Bafna Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Mumbai
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Sheela Ashok Bafna Vs ITO (ITAT Mumbai)
ITAT Mumbai held that disallowance of claim of exemption u/s. 10(38) on alleged bogus LTCG untenable since disallowance is based on general report of the investigation wing. Thus, addition u/s. 68 deleted due to lack of adequate evidence disallowance set aside.
Facts- The case of the assessee was selected for scrutiny and the AO noted that the assessee had claimed Long Term Capital Gain (LTCG) of Rs.61,02,308/- on sale of scrip of M/s. Greencrest Financial Services Ltd which company was earlier known as M/s. Marigold Glass Industries Ltd...
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