Bogus LTCG Addition Sustained as Tribunal Finds Evidence of Fabricated Share Purchase Records

Dinesh Kumar (HUF) Vs ITO (ITAT Delhi) The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) partly allowed the appeal filed by the assessee for Assessment Year 2015-16 against the order of the Commissioner of Income Tax (Appeals), Ghaziabad. The assessee had filed a return declaring income of Rs.2,52,060 and claimed exemption under Section 10(38) of the Income-tax Act on long-term capital gains (LTCG) amounting to Rs.28,59,645 arising from the sale of shares of M/s CCL International Ltd. The assessee had stated that 12,500 shares of the company were purchased in physical form on 17 Augu...