Mere Suspicion Not Enough: ITAT Deletes LTCG Addition on Kushal Tradelink Shares for Lack of Concrete Proof

Sana Md. Saqib Puthawala Vs ITO (ITAT Ahmedabad)

ITAT Ahmedabad deletes addition on alleged bogus LTCG in Kushal Tradelink shares – No live link, no evidence, mere suspicion cannot justify tax

Assessee had declared LTCG of ₹23,02,040 on sale of shares of Kushal Tradelink Ltd and claimed exemption u/s 10(38). Assessment was reopened u/s 147 based only on Insight Portal information alleging accommodation entries in Kushal Group. AO denied exemption, treated entire gain of ₹23,59,580 as unexplained income & added 6% commission ₹1,41,575 u/s 69C. CIT(A) upheld the ad

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