https://www.taxtmi.com/caselaws?id=445227 The ITAT Delhi ruled in favor of the assessee regarding addition under section 68 for alleged bogus long-term capital gains from share transactions with shell companies. The AO relied on a statement by an entry operator managing shell companies, but the statement contained no reference to the assessee or the specific transaction in question. The CIT(A) found no linkage between the entry operator's activities and the assessee's legitimate sale of shares in a company holding prime Delhi property at fair market value, despite the purchaser being a shell company. en-us Mon, 16 Oct 2023 00:00:00 +0530 Fri, 03 Nov 2023 08:20:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445227 The ITAT Delhi ruled in favor of the assessee regarding addition under section 68 for alleged bogus long-term capital gains from share transactions with shell companies. The AO relied on a statement by an entry operator managing shell companies, but the statement contained no reference to the assessee or the specific transaction in question. The CIT(A) found no linkage between the entry operator's activities and the assessee's legitimate sale of shares in a company holding prime Delhi property at fair market value, despite the purchaser being a shell company. Case-Laws Income Tax Mon, 16 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445227