LTCG from sale of shares of TEL is Bogus: ITAT Indore

Abhishek Gupta Vs ITO (ITAT Indore)

ITAT Indore Upheld the Action of Revenue in holding LTCG earned from sale of shares of Turbotech Engineering Ltd. (TEL) as Bogus, The Hon. Tribunal followed the decision of Hon. Calcutta High Court rendered in case of PCIT vs. Swati Bajaj ITA No. 06/2022 Dated 14.06.2022

FULL TEXT OF THE ORDER OF ITAT INDORE

1. This appeal filed by the assessee is directed against the order dated 29.11.2018 of learned Commissioner of Income-Tax (Appeals)-II, Indore [“Ld. CIT(A)”] in Appeal No. IT-10421/16-17/530, which in turn arises out of the order of assessment dated 22.12.2016 passed by the learned ITO, Ward-5(5), Indore [“Ld. AO”] u/s 143(3) of the Income-tax Act, 1961 [“the Act”] for the Assessment-Year 2014-15.

2. The assessee has raised following grounds:

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