ITAT Deletes Bogus LTCG addition for Lack of Price Rigging Evidence

Tejash Ramesh Shah Vs ITO (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, ruled in favor of the assessee, Tejash Ramesh Shah, holding that share transactions verified through DEMAT statements and banking channels cannot be deemed bogus without substantial proof. The appeal challenged the assessment orders treating long-term capital gains (LTCG) from the sale of Midland Polymers Ltd (MPL) shares as unexplained income under Section 68 of the Income Tax Act, 1961. The Assessing Officer (AO) based the decision on a generalized investigation report from Kolkata’s Directorate of In...