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 general rep...