No LTCG Addition Without Concrete Evidence, Mere Suspicion Insufficient: ITAT Kolkata

Minu Gupta Vs ITO (ITAT Kolkata) The Income Tax Appellate Tribunal (ITAT), Kolkata, has ruled in favor of the assessee, Minu Gupta, allowing her appeal against the order of the Commissioner of Income Tax (Appeals) [CIT(A)]. The tribunal set aside the addition of ₹46,83,790 to Gupta’s total income, which the tax authorities had made by disallowing her claim for Long Term Capital Gain (LTCG) exemption on the sale of shares of M/s. NCL Research Ltd. The case originated during the assessment proceedings for the Assessment Year 2014-15. The Assessing Officer (AO) had observed that Gupta had...