Section 68 Addition Unjustified if Shares’ Purchase & Sale Validated by Evidence: ITAT Mumbai

Amarjit Kaur Surinder Singh Kochhar Vs ITO (ITAT Mumbai) Addition u/s 68 unjustified as evidences proving genuineness of purchase and sale of shares submitted: ITAT Mumbai ITAT Mumbai held that addition under section 68 of the Income Tax Act unsustainable as assessee has established the genuineness of purchase and sale of shares by producing documentary evidence and transaction of purchase and sale of shares is done via banking channel. Facts- During the course of reassessment proceedings, found that the assessee has earned long term capital gains (LTCG) on sale of shares of M/s Access Global...