ITAT Rejects ₹1.17 Crore Addition as Unexplained Cash Credit on LTCG from Shares due to Lack of Evidence [Read Order]

The tribunal found that the CIT(A) had thoroughly examined the transactions, including the mode of purchase, fund sources, and sale through a recognized stock exchange
By Sneha Sukumaran Mullakkal - On April 3, 2025 7:02 am - 3 mins read
ITAT - Addition as Unexplained Cash Credit - Unexplained Cash Credit - Cash Credit - Unexplained Cash Credit on LTCG - Due to Lack of Evidence - taxscan

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) rejected the addition of Rs. 1,17,78,534/- as unexplained cash credit on Long-Term Capital Gain (LTCG) from shares due to lack of evidence. The Revenue-appellant,appealed against the order dated  22.01.2021, passed by Commissioner of Income Tax(Appeals)[CIT(A)] for the Assessment Year 2015-16. In this case,Denisha Rajendra Keshwani, respondent-assessee,filed…

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