LTCG on sale of shares: Addition based on mere generalized reports & conjectures not sustainable

Shashi Bala Bajaj Vs ITO (ITAT Kolkata) LTCG on sale of shares: Addition based on mere generalized reports & conjectures not sustainable The Income Tax Appellate Tribunal (ITAT), Kolkata, delivered a significant ruling in the case of Shashi Bala Bajaj vs Income Tax Officer (ITO) concerning the assessment year 2014-15. The case revolved around the assessee’s claim of Long-Term Capital Gains (LTCG) exemption under Section 10(38) of the Income Tax Act, 1961, arising from the sale of shares of M/s. Surabhi Chemical & Investments Ltd. Background of the Case The Assessing Officer (AO)...