https://www.taxtmi.com/caselaws?id=449179 ITAT Kolkata held in favor of the assessee on two grounds. First, regarding addition under Section 56(2)(x) for flat sales, the tribunal found the difference between assessee's value and fair market value under Section 50C was within 10% range, making the provision inapplicable. Second, concerning bogus short-term capital loss on equity shares, the tribunal allowed the claim under Section 10(38) as the AO relied solely on unrelated third-party statements without conducting independent investigation, and no incriminating materials were found against the assessee. en-us Thu, 11 Jan 2024 00:00:00 +0530 Fri, 23 May 2025 16:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449179 ITAT Kolkata held in favor of the assessee on two grounds. First, regarding addition under Section 56(2)(x) for flat sales, the tribunal found the difference between assessee's value and fair market value under Section 50C was within 10% range, making the provision inapplicable. Second, concerning bogus short-term capital loss on equity shares, the tribunal allowed the claim under Section 10(38) as the AO relied solely on unrelated third-party statements without conducting independent investigation, and no incriminating materials were found against the assessee. Case-Laws Income Tax Thu, 11 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449179