LTCG exemption cannot be denied for mere suspicion without concrete evidence

Bhavna Lalit Jain Vs ITO (ITAT Mumbai) In a recent ruling, the Income Tax Appellate Tribunal (ITAT) in Mumbai reversed the additions made by the Assessing Officer (AO) concerning long-term capital gains claimed by Mrs. Bhavna Lalit Jain for the assessment year 2014-15. The case stemmed from a reassessment order issued by the AO, which disallowed a capital gain of ₹22,404,695 derived from the sale of shares in Surabhi Chemicals and Investments Ltd, later renamed Super Space Infrastructure Ltd. The background of the case involves Mrs. Jain, who filed her income tax return showing total earning...