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Section 68 Addition Unjustified if Shares’ Purchase & Sale Validated by Evidence: ITAT Mumbai
Case Law Details
- Case Name
- Amarjit Kaur Surinder Singh Kochhar Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Mumbai
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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 ...
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