Bogus LTCG Addition Set Aside Due to Lack of Tangible Evidence: ITAT Ahmedabad

Vertool Consultancy LLP Vs DCIT (ITAT Ahmedabad) ITAT Ahmedabad held that addition towards accommodation entries of bogus LTCG cannot be sustained in absence of any iota of tangible perceptible evidence. Accordingly, appeal allowed and addition set aside. Facts- Assessee has preferred the present appeal mainly contesting that CIT(A) has erred in confirming the order passed by the Assessing Officer assuming jurisdiction u/s. 147 on the basis of borrowed satisfaction. The reassessment proceedings were triggered on the basis of material alleged to have been seized during the course of search carr...