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Mere Suspicion Not Enough: ITAT Deletes LTCG Addition on Kushal Tradelink Shares for Lack of Concrete Proof
Case Law Details
- Case Name
- Sana Md. Saqib Puthawala Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Ahmedabad
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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 addi...
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