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of <h1>SLP dismissed; deletion of addition for alleged bogus long-term capital gains upheld, taxpayer granted LTCG treatment</h1> <h3>THE PRINCIPAL COMMISSIONER OF INCOME TAX 1 Versus PARASBEN KASTURCHAND KOCHAR</h3> SC dismissed the SLP challenging the ITAT's order that deleted an addition made on account of alleged bogus long-term capital gains. The Court refused to ... Bogus LTCG - addition on account of LTCG claimed as exempt u/s. 10(38) - transaction was pre-arranged as well as sham and was carried out through penny scripts companies / paper companies - whether the assessee earned long term capital gain through transactions with bogus companies? - ITAT deleted the addition - HELD THAT:- SLP dismissed. The Supreme Court of India dismissed the Special Leave Petition without interference with the impugned order. Pending application, if any, stands disposed of.
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