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Section 68 Addition unsustainable as LTCG Non-Genuineness Not Proven: ITAT Ahmedabad
Case Law Details
- Case Name
- DCIT Vs Smt. Denisha Rajendra Keshwani (ITAT Ahmedabad)
- 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 Ahmedabad
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DCIT Vs Smt. Denisha Rajendra Keshwani (ITAT Ahmedabad)
ITAT Ahmedabad held that addition under section 68 of the Income Tax Act unsustainable since revenue/ department failed to establish that LTCG earned is non-genuine. Accordingly, appeal of revenue dismissed.
Facts- During the scrutiny proceedings, AO observed that the assessee had declared Long Term Capital Gain (LTCG) of 1,40,06,685/-, arising from investments in various shares, including Kappac Pharma Ltd. (KPL). AO conducted a detailed examination of the transactions involving Kappac Pharma Ltd. (KL) shares and conclud...
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