No addition as LTCG arose from valid demerger-allotted shares transaction proving genuineness of documentary evidence

Heaven Mahendra Shah Vs ACIT (ITAT Mumbai) Conclusion: Addition under section 68 for Long-term capital gains (LTCG) from sale of shares allotted pursuant to a demerger scheme as bogus and alleged that price manipulation based on a report from the Investigation Wing of the Income tax Department was not justified as the assessee proved genuineness by comprehensive documentary evidence. Held: Assessee filed return of income for Assessment Year (AY) 2015-16, claiming exemption on LTCG of Rs. 26,02,806 from sale of shares in Pearl Agriculture Ltd (PAL) and Pearl Electronics Ltd (PEL). These shares ...