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HomeDirect TaxMere Suspicion or General Investigation Reports Can’t Justify Treating Share Transactions as...

Mere Suspicion or General Investigation Reports Can’t Justify Treating Share Transactions as Bogus; LTCG Exemption Allowed: ITAT

Direct Tax

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By Mariya Paliwala
itat

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The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that long-term capital gains (LTCG) from share transactions cannot be treated as bogus merely on the basis of general investigation reports or suspicion, particularly when the assessee has produced complete documentary evidence to substantiate the transactions.  The bench of Anikesh Banerjee (Judicial Member)…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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