ITAT deletes addition for alleged bogus long-term capital gains

Yogesh P. Thakkar Vs DCIT (ITAT Mumbai)

The case of Yogesh P. Thakkar Vs DCIT before ITAT Mumbai involves allegations by the income tax department regarding bogus long-term capital gains from share transactions in Radford Global Ltd and Blazon Marbles Ltd. Despite SEBI’s interim order, SEBI later acquitted Thakkar and Radford Global Ltd of any share price manipulation.

The Income Tax Assessing Officer (AO) relied heavily on an interim SEBI order and the Kolkata investigation wing’s report to conclude that Thakkar’s share transactions were not bona fide. The

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