Mumbai ITAT Admits Additional Evidence, Taxpayer Not Penalized for Non-Filing

Rajesh Lakhmshi Nisar Vs ITO – 32(3)(1) (ITAT Mumbai)

Introduction: The case of Rajesh Lakhmshi Nisar vs. Income Tax Officer (ITO), heard at the Income Tax Appellate Tribunal (ITAT) in Mumbai, revolves around the dispute regarding the treatment of long-term capital gains (LTCG) on the sale of shares. The taxpayer contested the addition of LTCG by the assessing officer, claiming that the transactions were genuine and substantiated with evidence.

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