ITAT confirms addition for Bogus LTCG

M/s Pankaj Agarwal & Sons (HUF) Vs ITO (ITAT Chennai)

Facts –

Assessee return was selected for scrutiny, wherein, AO treated purchase and sale of shares of M/s. SRK as sham transactions and claim of exemption u/s 10 (38) was denied and the same was treated as unexplained cash credit u/s 68.

AO argued that the company in which the assessee had purchased equity shares had no creditability and no prudent investor would make such inves

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