LTCG Deemed Genuine: AO Fails to Prove Bogus Share Sale, Addition Deleted

Bharatkumar Gangaram Patel Vs ITO (ITAT Ahmedabad) Introduction: The recent verdict by the Income Tax Appellate Tribunal (ITAT) Ahmedabad in the case of Bharatkumar Gangaram Patel vs. ITO addresses the issue of unexplained long-term capital gains (LTCG) on shares. This article provides a detailed analysis of the case, examining the grounds of appeal, the Assessing Officer’s findings, arguments presented by both parties, and the tribunal’s decision to delete the addition made for bogus share sale. Detailed Analysis: The appellant, Bharatkumar Gangaram Patel, challenged the order pas...