Allegation of conversion of unaccounted money needs sufficient evidence

Kamlesh Gupta Vs Dy. CIT (ITAT Mumbai) ITAT Mumbai held that in the absence of any evidence on allegation that some person provided the entry to convert unaccounted money for getting benefit of LTCG in the grab of exempt LTCG u/s 10(38) of the Income Tax Act the same cannot be accepted. Facts- A.O was of the view that the LTCG of Rs. 5,93,45,030/- that was claimed by the assessee as exempt u/s 10(38) of the Act did not merit acceptance. Backed by his aforesaid observations, the A.O held the sale proceeds of shares of Rs. 6,06,49,780/- as an unexplained cash credit u/s 68 of the Act. Also, the ...