2023 (1) TMI 314 - AT - Income Tax

Unexplained credit u/s 68 - Bogus LTCG - long term capital gain on sale of shares sold on recognized stock exchange - HELD THAT:- We are in absolute agreement with the submission of Ld. DR that the issue of exempted capital gain arising from Turbotech Engineering Ltd. stands duly examined and concluded by ITAT, Indore Bench in the case of Shri Abhishek Gupta [2022 (8) TMI 1333 - ITAT INDORE].

We note that the although the present appeal concerns the shares of Lifeline Drugs and Pharma Ltd., but the position is pari materia similar to the share of Turbotech Engineering Ltd. Further, we do not find any material change which could suggest non-applicability of the decision of Shri Abhishek Gupta (supra) in present appeal. Hence, we find no valid reason to deviate. Accordingly, we uphold the additions made by revenue-authorities and dismiss the Grounds raised by assessee.