ITAT Delhi Upholds Deletion of Bogus LTCG Addition on Share Sale

ACIT Vs Manish Agarwal & Sons (ITAT Delhi)

The case of ACIT Vs Manish Agarwal & Sons (ITAT Delhi) concerns the addition of to the assessee’s income by the Assessing Officer (AO) after treating the entire sale proceeds from the sale of shares in M/s CCL International Ltd. as bogus income of the Income Tax Act, 1961. The assessee had claimed an exemption of as Long Term Capital Gain (LTCG) on this sale for the Assessment Year 2013-14. The AO’s action was based on information from the Department’s Investigation W

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