Case Law Details
Case Name : Reena Kumari Vs ITO (ITAT Delhi)
Related Assessment Year : 2015-16
Courts :
All ITAT ITAT Delhi
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Reena Kumari Vs ITO (ITAT Delhi)
Conclusion: When an assessee deposes on oath giving explanation of the reasons and circumstances for investment, the same could not be brushed aside on the basis of general principles of the modus operandi of bogus LTCG claims. Thus, tax authorities had fallen in error in considering the LTCG claim of the assessee from the two disputed scrips as bogus claim and making addition under section 68.
Held: Assessee’s return of income of Rs.10,31,940/- was selected for complete scrutiny on the basis of suspicious sale transaction in shares and exempt long- term capi...
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