2019 (8) TMI 1323 - AT - Income Tax

Bogus LTCG - Addition u/s 68 - HELD THAT:- Since the purchase and sale transactions are supported and evidenced by Bills, Contract Notes, Demat statements and bank statements etc., and when the transactions of purchase of shares were accepted by the ld AO in earlier years, the same could not be treated as bogus simply on the basis of some reports of the Investigation Wing and/or the orders of SEBI and/or the statements of third parties.

Direct the AO not to treat the long term capital gain and short term capital loss as bogus and to allow the same and so, delete the consequential addition. - Decided in favour of assessee.