ITAT Deletes LTCG Addition as AO Relied Solely on Investigation Report

ACIT Vs Sushila Sultania (ITAT Patna) Bogus LTCG Deleted – ITAT Patna Upholds CIT(A) as AO Relied Solely on Investigation Report Assessee  filed return of income declaring ₹19.11 lakh. The case was reopened u/s 147 based on information that Assessee was a beneficiary of alleged bogus long-term capital gains. AO noted that Assessee had purchased 3,00,000 equity shares of M/s Surabhi Chemical & Investment Ltd. at ₹2 per share which were subsequently sold for ₹1.75 crore, resulting in LTCG of ₹1.69 crore claimed exempt u/s 10(38).   AO, without conducting any independent enquiry ...