LTCG exemption cannot be denied on mere generalisation, human probabilities, suspicion, conjectures & surmises

Gaurav Pincha Vs ITO (ITAT Kolkata)

In a case concerning Assessment Year 2014–15, the Income Tax Appellate Tribunal (ITAT), Kolkata, allowed two appeals filed by Gaurav Pincha against the order dated 19/01/2018 by the Commissioner of Income Tax (Appeals). The primary issue was the treatment of Long-Term Capital Gains (LTCG) claimed by the assessee from the sale of shares in M/s. NCL Research & Financial Services Ltd. The Assessing Officer had treated the gains as bogus, rejecting the assessee’s claim for exemption under Section 10(38) of the Income Tax Act. The AO relied on

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