Addition towards bogus LTCG merely based on presumption without corroborative evidence cannot be sustained

PCIT 1 Vs Vinod Premjibhai Gangani (Gujarat High Court) Gujarat High Court held that claim of exemption of Long Term Capital Gain under section 10(38) of the Income Tax Act cannot be held to be bogus on the basis of presumption in absence of any corroborative evidence. Accordingly, appeal of revenue dismissed. Facts- The present petition has been preferred by the department. Substantial question involved herein is that whether Hon’ble ITAT was justified in deleting the addition of bogus long term capital gain claimed as exempted u/s 10(38) of the Act of Rs.46,12,790/- made by the Assessi...