Addition u/s. 69C treating share transactions as bogus only based on statement of broker unsustainable

Veena Chaturvedi Vs DCIT (ITAT Mumbai)

ITAT Mumbai held that addition under section 69C of the Income Tax Act treating share transactions as bogus merely on the basis of statement of the broker is unsustainable and bad-in-law.

Facts- Vide the present appeal, the assessee has challenged; firstly, validity of reopening u/s. 147, secondly, addition of Rs.8,29,88,876/- made u/s.68 of the Act disallowing the claim of long term capital gain claimed as exempt by treating the amount received on sale of shares

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