Addition Treating LTCG as Bogus Based on Assumptions Not Sustained

Late Arvind Kumar Kotawal Vs ACIT (ITAT Delhi) ITAT Delhi held that addition under section 68 of the Income Tax Act by treating LTCG as bogus merely on the basis of assumption and conjecture is not sustainable in law since purchase and sale of shares were made via banking channel. Facts- The assessee was in employment with M/s Kotwala Creation Ltd., and earned salary income, income from house property, capital gains and other sources and assessee Arvind Kumar Kotawala, was stated to have expired on 5th of May, 2015 and Shri Sushil Agarwal, CA, appeared for assessee through his son and legal h...