https://www.taxtmi.com/caselaws?id=447074 ITAT Kolkata held that disallowance of bogus Long Term Capital Gain under section 153A was not sustainable as no incriminating documents were available with the department. Despite department's argument that entry operators and shell company directors admitted providing accommodation entries, the tribunal found that in five scrutiny cases involving share sales, the department itself accepted gains as genuine. The tribunal noted that except Calcutta HC in Swati Bajaj case, other HCs have accepted such LTCG claims. Following Supreme Court's decision in PCIT vs. Abhisar Buildwell, the tribunal ruled in favor of the assessee, finding no merit in the addition. en-us Fri, 01 Sep 2023 00:00:00 +0530 Fri, 22 Dec 2023 12:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447074 ITAT Kolkata held that disallowance of bogus Long Term Capital Gain under section 153A was not sustainable as no incriminating documents were available with the department. Despite department's argument that entry operators and shell company directors admitted providing accommodation entries, the tribunal found that in five scrutiny cases involving share sales, the department itself accepted gains as genuine. The tribunal noted that except Calcutta HC in Swati Bajaj case, other HCs have accepted such LTCG claims. Following Supreme Court's decision in PCIT vs. Abhisar Buildwell, the tribunal ruled in favor of the assessee, finding no merit in the addition. Case-Laws Income Tax Fri, 01 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447074