ITAT Rejects Bogus LTCG Addition as No Independent Enquiry Was Conducted

ITO Vs Amrat Mali (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT), Ahmedabad, dismissed the Revenue’s appeal and upheld the order of the Commissioner of Income-tax (Appeals) [CIT(A)] deleting an addition of ₹26,08,000 made under Section 68 of the Income-tax Act, 1961. The addition had been made during reassessment proceedings on the basis of information received from the Investigation Wing following a search conducted under Section 132 in the cases of certain individuals. According to the information, the assessee was alleged to have received accommodation entries amounting t...