Minu Gupta vs ITO

Authority: ITAT Tribunal/Court: Kolkata Date: 2018-12-12 AY: 2014-15 Section: 260A, 10(38) Acts: Income Tax Act 1961 Result: Assessee Citation: 1218Taxpundit205 Justices: J. Sudhakar Reddy, AM & A. T. Varkey, JM Appeal No: I.T.A. No. 731/Kol/2018
Whether the addition of Rs.46,83,790/- made by the AO by rejecting the assessee's claim of exempt Long Term Capital Gain (LTCG) u/s 10(38) of the Income Tax Act, 1961, on sale of shares of M/s. NCL Research Ltd. and M/s. Unno Industries Ltd. as bogus, based on a general investigation report and without specific evidence against the assessee, is justified? --- Held No.

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