Share sale proceeds cannot be treated as undisclosed income without evidence

Gautam Kumar Pincha Vs ITO (ITAT Kolkata) The Income Tax Appellate Tribunal (ITAT), Kolkata, has ruled in favor of Gautam Kumar Pincha, allowing his appeal against the Income Tax Officer (ITO). The tribunal overturned the assessment that treated the proceeds from the sale of shares as undisclosed income. The ITAT found that the Assessing Officer (AO) and the Commissioner of Income Tax (Appeals) (CIT(A)) had erred in rejecting the assessee’s claim of long-term capital gains (LTCG) based on unsubstantiated suspicions and probabilities, despite the assessee providing substantial documentary...