ITAT: Sale of Shares Capital Gains Not Sham, Deletes Section 69A Additions

Sarika Bindal Vs ITO (ITAT Delhi)

Introduction: In a pivotal decision by the Income Tax Appellate Tribunal (ITAT) Delhi, in the case of Sarika Bindal vs. Income Tax Officer, it was held that capital gains arising from the sale of shares cannot be regarded as sham profits. This ruling came as a significant relief for taxpayers, especially in the light of additions made under section 69A of the Income Tax Act, 1961, challenging the legitimacy of Long Term Capital Gains (LTCG) on share s

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