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2018 (9) TMI 1785 - ITAT KOLKATA
Bogus LTCG - addition u/s 68 - Held that:- There is not even a single material during the course of hearing which could suggest the assessee to have engaged in any kind of foul play.
As decided in NAVNEET AGARWAL, LEGAL HEIR OF LATE KIRAN AGARWAL VERSUS ITO, WARD-35 (3) , KOLKATA [2018 (8) TMI 509 - ITAT KOLKATA] we are bound to consider and rely on the evidence produced by the assessee in support of its claim and base our decision on such evidence and not on suspicion or preponderance of probabilities. No material was brought on record by the AO to controvert the evidence furnished by the assessee. Under these circumstances, we accept the evidence filed by the assessee and allow the claim that the income in question is a bonafide Long Term Capital Gain arising from the sale of shares and hence exempt from income tax. - Decided in favour of assessee.