Documented Share Transactions via BSE Cannot be Taxed as Bogus on Suspicion

Jagmohan Agarwal Vs ACIT (ITAT Kolkata) In a notable decision, the Income Tax Appellate Tribunal (ITAT) Kolkata bench has set aside additions made by the tax authorities on alleged bogus long-term capital gains from share transactions by assessee Jagmohan Agarwal. The tribunal ruled that documented transactions, conducted through recognized channels, cannot be disregarded based solely on suspicion or the volume of supporting paperwork. The case revolved around the assessment year in which Jagmohan Agarwal reported long-term capital gains from the sale of 25,000 shares of M/s. Essar India Priva...