https://www.taxtmi.com/caselaws?id=771064 Calcutta HC ruled against assessee in LTCG tax avoidance case. AO investigated transactions in Tuni Textiles Mills Ltd shares, finding weak company fundamentals and artificially manipulated share prices. AO concluded assessee obtained accommodation entries for bogus LTCG exemption under Section 10(38) through pre-arranged collusive transactions with shell entities. Tribunal erred in finding AO failed to apply mind for reopening assessment under Section 147. HC found AO properly examined evidence, including contract notes, share certificates, and company financials, establishing assessee received accommodation entries to convert unaccounted money into exempt LTCG. Appeal decided against assessee. en-us Tue, 06 May 2025 00:00:00 +0530 Tue, 20 May 2025 08:53:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771064 Calcutta HC ruled against assessee in LTCG tax avoidance case. AO investigated transactions in Tuni Textiles Mills Ltd shares, finding weak company fundamentals and artificially manipulated share prices. AO concluded assessee obtained accommodation entries for bogus LTCG exemption under Section 10(38) through pre-arranged collusive transactions with shell entities. Tribunal erred in finding AO failed to apply mind for reopening assessment under Section 147. HC found AO properly examined evidence, including contract notes, share certificates, and company financials, establishing assessee received accommodation entries to convert unaccounted money into exempt LTCG. Appeal decided against assessee. Case-Laws Income Tax Tue, 06 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771064