AO cannot treat LTCG as bogus without any supporting evidence

Mohit Hora (HUF) Vs ITO (ITAT Delhi) Conclusion: Where sale and purchase of shares had taken place only through banking channel at Bombay Stock Exchange and were supported by contract note, income from long term capital gain (LTCG) on sale of listed equity shares after payment of STT were rightly claimed as exempt u/s 10(38) and AO was precluded in making addition of LTCG as unaccounted income  in absence of any supporting evidence. Held: Assessee filed return of income after claiming the income from long term capital gain on sale of listed equity shares which were subjected to STT as exempt ...