CIT(A) to Reassess LTCG Claim Due to New Evidence Submitted by Assessee: ITAT Ranchi

Raj Kumar Gupta Vs DCIT (ITAT Ranchi) Conclusion: CIT (A) was directed to reassess the long-term capital gain (LTCG) claim as it was found that new evidence submitted by assessee had not been considered during the earlier proceedings. Held: Assessee was a proprietor of Sitaram Jewellers, had earned LTCG of Rs.1,91,276 from the sale of shares worth Rs.74,30,512/. Assessee claimed this income as exempt under Section 10(38). During the scrutiny, AO questioned the genuineness of the LTCG, alleging that the shares involved were traded through a broker, B. R. Jalan Securities Pvt. Ltd., known for e...