ITAT Deletes Additions for Share transactions through stock exchange & banking channels 

Vikram Biharisaran Khandelwal Vs DCIT (ITAT Mumbai) In the case of Vikram Biharisaran Khandelwal Vs DCIT, the Income Tax Appellate Tribunal (ITAT) of Mumbai ruled in favor of the assessee, directing the deletion of several additions made by the Assessing Officer (AO) for the assessment years 2005-06 and 2006-07. The case, which was in its second round of proceedings, stemmed from a search and seizure operation conducted by the Revenue in 2006. The dispute centered on three main issues: the disallowance of interest expenses, the treatment of capital gains from share transactions as unexplained ...