LTCG on shares cannot be treated as Bogus on mere alleged share price rigging

ITO Vs Shri Suresh Chand Gupta (ITAT Kolkata)

On the basis of evidences filed by assessee its claim was to be allowed where income in question was a bona fide long-term capital gains arising from sale of shares and hence, exempt from tax as there was no material indicating assessee’s nexus with alleged share price rigging.

FULL TEXT OF THE ITAT JUDGEMENT

This Revenue’s appeal for assessment year 2014-15 arises from the Commissioner of Income Tax (Appeals)-12, Kolkata’s order dated 20.04.2017, passed in case No.10190/CIT(A)-12/Kol/Ward-40(2)/2016-17, in proceedings u/s. 143(3) of the Income Tax Act, 1961; in short ‘the Act’.

Heard both the parties. Case file perused.

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