Addition towards bogus capital gain unjustified as involvement in price rigging not proved

Advertisement DCIT Vs Rajnikant Prabhudas Mandavia (ITAT Ahmedabad) ITAT Ahmedabad held that Department has brought nothing on record to prove that the assessee was involved in price rigging of the instant share or that any form of cash had flown back to the assessee. Accordingly, addition on account of bogus capital gain by sale of shares unjustified. Facts- The assessee is an individual engaged in the activities of investment in and sale of shares and mutual funds, portfolio management schemes, and dealing in futures and options. During the year under consideration, the assessee submitted...