Bogus LTCG addition quashed as sale transaction of shares cannot be doubted

ACIT Vs Nandkumar Khatumal Harchandani (ITAT Nagpur) ITAT Nagpur held that addition under section 68 towards bogus LTCG set aside as sale transaction of shares cannot be doubted. Thus, sale consideration received on sale of shares cannot be assessed as unexplained cash credit under section 68 of the Income Tax Act. Thus, appeal of revenue dismissed. Facts- Revenue has preferred the present appeal mainly contesting that CIT(A) has erred in deleting the addition of Rs. 5,60,75,185/- made by AO U/s. 68 of the Income Tax Act, 1961 on account of long term capital gain claimed as exempt income u/s. ...