Additions for Alleged Bogus Transactions Require Concrete Evidence, Not Mere Suspicion

Reeshu Goel Vs ITO (ITAT Delhi) Income Tax Appellate Tribunal (ITAT), Delhi Bench, has set aside a reassessment order against Ms. Reeshu Goel for Assessment Year 2013-14. The Tribunal’s decision was based on two primary grounds: a significant procedural lapse by the Assessing Officer (AO) in failing to dispose of the assessee’s objections to the reassessment notice, and a lack of concrete evidence to substantiate the claim that the Long Term Capital Gain (LTCG) from share sales was bogus. The ruling also consequently quashed an addition for notional commission. Background of the Ca...