Addition u/s. 68 towards bogus LTCG untenable due to lack of adequate evidence

Sheela Ashok Bafna Vs ITO (ITAT Mumbai)

ITAT Mumbai held that disallowance of claim of exemption u/s. 10(38) on alleged bogus LTCG untenable since disallowance is based on general report of the investigation wing. Thus, addition u/s. 68 deleted due to lack of adequate evidence disallowance set aside.

Facts- The case of the assessee was selected for scrutiny and the AO noted that the assessee had claimed Long Term Capital Gain (LTCG) of Rs.61,02,308/- on sale of scrip of M/s. Greencrest Financial Services Ltd which company was earlier known as M/s. Marigold G

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