Bogus LTCG Addition not sustainable if AO fails to disprove claim of Assessee

Ms. Anupama Garg Vs ITO (ITAT Delhi) Conclusion: Where assessee had furnished relevant evidences such as copies of bank statement, demat account, share purchase documents and share certificate., etc., to prove its bogus long-term capital gain on sale of shares and no adverse material had been brought on record by AO to disprove the claim of assessee, addition made under section 68 on account of unexplained credit could not be sustained. Held: Assessee claimed exemption under section 10(38) in respect of long-term capital gain on sale of shares. A.O. observed the modus operandi of LTCG accommod...