LTCG Cannot be Deemed Bogus Solely on Price Volatility or General Investigation Report

Sumaysh Agrrawal Vs ITO (ITAT Kolkata)  ITAT Kolkata Deletes Addition, Upholds LTCG Claim on Unno Industries Shares The Income Tax Appellate Tribunal (ITAT), Kolkata Bench, has ruled in favour of assessee Sumaysh Agrrawal for the assessment year 2014-15, deleting an addition of ₹38,02,285 made under Section 68 of the Income Tax Act, 1961. The Assessing Officer (AO) had treated the Long Term Capital Gains (LTCG) claimed by the assessee from the sale of M/s Unno Industries Ltd. shares as bogus income, a decision subsequently confirmed by the Commissioner of Income Tax (Appeals) [CIT(A)]. The ...