https://www.taxtmi.com/caselaws?id=763593 ITAT Delhi allowed the appeal challenging additions made for alleged bogus long-term capital gains. The tribunal held that while AO incorrectly applied section 68 instead of section 69A, mentioning wrong section was not fatal as income provisions can overlap for bogus LTCG cases. Although natural justice principles were violated when relevant documents and witness statements weren't provided to the assessee and cross-examination opportunity was denied, the tribunal examined the case on merits. The tribunal found AO's findings too general without specific evidence of colorable device for introducing unaccounted money. The assessee's sworn explanation regarding investment reasons couldn't be dismissed based solely on general modus operandi principles of bogus LTCG schemes, leading to appeal being allowed. en-us Fri, 20 Dec 2024 00:00:00 +0530 Wed, 10 Jun 2026 15:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763593 ITAT Delhi allowed the appeal challenging additions made for alleged bogus long-term capital gains. The tribunal held that while AO incorrectly applied section 68 instead of section 69A, mentioning wrong section was not fatal as income provisions can overlap for bogus LTCG cases. Although natural justice principles were violated when relevant documents and witness statements weren't provided to the assessee and cross-examination opportunity was denied, the tribunal examined the case on merits. The tribunal found AO's findings too general without specific evidence of colorable device for introducing unaccounted money. The assessee's sworn explanation regarding investment reasons couldn't be dismissed based solely on general modus operandi principles of bogus LTCG schemes, leading to appeal being allowed. Case-Laws Income Tax Fri, 20 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763593