LTCG Exemption Cannot Be Denied Solely on Investigation Wing Report: ITAT Mumbai

Advertisement Kiran Bhanwarlal Jogani Vs ITO (ITAT Mumbai) The Mumbai Income Tax Appellate Tribunal (ITAT) considered an appeal filed by the assessee against the order of the National Faceless Appeal Centre (NFAC)/CIT(A) arising from an assessment made under Section 143(3) of the Income-tax Act, 1961 for Assessment Year 2014-15. The assessee challenged the validity of the assessment proceedings and the additions made under Sections 68 and 69C after denial of exemption claimed under Section 10(38) in respect of long-term capital gains (LTCG) arising from sale of shares of Shree Shaleen Texti...