Addition u/s 68 merely based on suspicion without cogent evidence is unsustainable

Abhishek Doshi Vs ACIT (ITAT Mumbai) ITAT Mumbai held that the Revenue has failed to prove with any cogent evidence on record that the assessee was involved in converting his unaccounted money into long-term capital gains and short-term capital gains by conniving with any entry operator/exit provider. Accordingly, addition u/s 68 merely on the basis of suspicion unsustainable. Facts- During the assessment proceedings, it was noticed that the assessee has shown long-term capital gains of Rs.1,85,47,659 on the sale of shares of M/s Parag Shilpa Investments Ltd, which was claimed as exempt under ...