Alleged bogus LTCG: ITAT deletes additions in absence of corroborative direct evidence

DCIT Vs Dilip B. Jiwrajka (ITAT Mumbai) The case of DCIT Vs Dilip B. Jiwrajka, adjudicated by the Income Tax Appellate Tribunal (ITAT) Mumbai, revolves around the reopening of assessment based on information from the Investigation Department. The core issues pertain to the validity of the reopening, the credibility of the evidences provided, and the judicial interpretations applied. This detailed analysis examines the Tribunal’s findings, the arguments presented by both parties, and the judicial precedents relied upon. Reopening of Assessment: Basis and Validity The reopening of the asse...