No Income Tax Additions based On Generalised Investigation Wing Report: ITAT Mumbai

ITO Vs PrakashmalMalraj Jain (ITAT Mumbai) In the case of ITO Vs. Prakashmal Malraj Jain, the Income Tax Appellate Tribunal (ITAT) Mumbai dismissed the Revenue’s appeal challenging the order of the Commissioner of Income Tax (Appeals) (CIT(A)) concerning the assessment year 2014-15. The dispute revolved around the addition of Long Term Capital Gains (LTCG) declared by the assessee, which the Assessing Officer (AO) deemed bogus based on a generalized report from the Investigation Wing. The AO reopened the assessment and assessed the sale proceeds as income without conducting an independen...