Addition u/s 68 without cogent material is unsustainable

Sabbirali Alimiya Saiyed Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that addition u/s 68 alleging bogus capital gain simply on the basis of some report finding unearthed in case of third party without cogent material is unsustainable Facts- The assessee during the year claimed exempted long term capital gain of ₹ 2,54,86,714/- on sale of 7,60,003 shares of M/s Alpha Graphics India Ltd (M/s AGIL). The AO observed that the assessee has purchased 5 lakh shares of M/s AGIL dated 20th June 2011 @ ₹ 12 per share having face value of ₹ 10 per share which were dematerialized dated 16th November...