Addition u/s 68 sustained for LTCG exemption from bogus co. share

Zeeshan Azizmohmed Shaikh Vs ITO (ITAT Mumbai)

Both SEBI and BSE corroborated the fact that Kailash Auto Finance Ltd was not a genuine company – LTCG exemption u/s 10(38) denied – addition u/s 68 sustained

Facts- The assessee is an individual and is engaged in the business of trading in paper. The assessee filed its return of income declaring a total income of Rs. 10,57,900. During the course of assessment proceedings, it was observed that the assessee has sold 1,27,00

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