LTCG Addition Deleted as AO Relied Solely on Investigation Report Without Independent Inquiry

DCIT Vs Reena Ratnesh Jain (ITAT Mumbai)

The appeal before the Income Tax Appellate Tribunal, Mumbai Bench, arose from the order dated 26.03.2025 passed by the Commissioner of Income Tax (Appeals) for Assessment Year 2016-17. The dispute concerned deletion of addition of Rs. 80,23,019 treated as bogus Long Term Capital Gain (LTCG) under Section 68 of the Income Tax Act, 1961, and addition of Rs. 80,230 towards alleged commission for arranging accommodation entries.

The assessee, a resident individual engaged in share transactions, filed her return declaring income of Rs. 9,

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