Ahmedabad ITAT Deletes Bogus LTCG Addition; Independent Enquiry Essential

DCIT Vs Pinkiben Riddheshkumar Bhandari (ITAT Ahmedabad) Ahmedabad ITAT Upholds Deletion of Bogus LTCG Addition; Independent Enquiry Essential, Mere Investigation Report Insufficient The Ahmedabad ITAT dismissed the Revenue’s appeal and upheld the deletion of an addition of ₹44.19 lakh made under section 68 in respect of alleged bogus long-term capital gains (LTCG) arising from transactions in the shares of Kushal Tradelink Ltd. While the Tribunal disagreed with the CIT(A)’s findings on the legal validity of the reassessment, it nevertheless sustained the relief on merits, result...