LTCG Addition Deleted as Assessee Proved Genuine Investment Activity Through Evidence

Anoop Jain Vs ACIT (ITAT Delhi) The appeal before the ITAT Delhi was filed by the assessee against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2015–16. The dispute related to additions made under Section 68 of the Income Tax Act, where long-term capital gains (LTCG) of Rs. 5,70,91,750/- from sale of shares of Lifeline Drugs and Pharma Ltd. (LDPL) were treated as non-genuine. Additionally, an amount of Rs. 11,41,835/- was added as presumed commission for alleged bogus transactions. The assessee had purchased shares of LDPL through a transaction involving sale of ...