https://www.taxtmi.com/caselaws?id=763277 The ITAT Jodhpur held that the AO failed to properly investigate alleged bogus LTCG transactions before disallowing section 10(38) exemption and treating gains as unexplained cash credits under section 68. The tribunal found that the AO made additions without examining the assessee or conducting adequate enquiries, merely relying on judicial precedents without establishing facts through preponderance of probabilities. The coordinate bench had deleted similar additions in the spouse's case, and the Rajasthan HC in Arnav Goyal also confirmed deletion of such additions. The tribunal ruled in favor of the assessee, allowing the LTCG exemption. en-us Thu, 26 Sep 2024 00:00:00 +0530 Mon, 16 Dec 2024 10:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763277 The ITAT Jodhpur held that the AO failed to properly investigate alleged bogus LTCG transactions before disallowing section 10(38) exemption and treating gains as unexplained cash credits under section 68. The tribunal found that the AO made additions without examining the assessee or conducting adequate enquiries, merely relying on judicial precedents without establishing facts through preponderance of probabilities. The coordinate bench had deleted similar additions in the spouse's case, and the Rajasthan HC in Arnav Goyal also confirmed deletion of such additions. The tribunal ruled in favor of the assessee, allowing the LTCG exemption. Case-Laws Income Tax Thu, 26 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763277