Genuine LTCG Exemption Cannot Be Denied Based on Suspicion or Conjectures

Kiran Kothari Vs ITO (ITAT Kolkata) In the case of Kiran Kothari vs ITO, the ITAT Kolkata ruled in favor of the assessee, reversing the order passed by the Commissioner of Income Tax (Appeals) dated 16.01.2017 for the Assessment Year 2013-14. The matter centered around the treatment of ₹24.87 lakhs declared as long-term capital gains (LTCG) from the sale of shares in Tuni Textile Mills Ltd. The Assessing Officer (AO) had concluded that the gains were not genuine and treated the proceeds as unexplained cash credits under Section 68 of the Income Tax Act, relying heavily on a general investiga...