https://www.taxtmi.com/caselaws?id=464874 ITAT Kolkata allowed the assessee's appeal and deleted the addition made u/s 68 on alleged bogus LTCG. The AO had treated the entire sale proceeds of shares as unexplained cash credit and denied exemption u/s 10(38), which was upheld by CIT(A) relying on circumstantial evidence, human probabilities, and general investigation reports. ITAT held that no direct material or specific adverse evidence was brought on record against the assessee, and the documentary evidence produced remained unchallenged and uncontroverted. It ruled that additions cannot be sustained merely on suspicion, conjectures, or generalized reports, and consequently decided the issue in favour of the assessee. en-us Wed, 12 Dec 2018 00:00:00 +0530 Wed, 19 Nov 2025 20:57:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464874 ITAT Kolkata allowed the assessee's appeal and deleted the addition made u/s 68 on alleged bogus LTCG. The AO had treated the entire sale proceeds of shares as unexplained cash credit and denied exemption u/s 10(38), which was upheld by CIT(A) relying on circumstantial evidence, human probabilities, and general investigation reports. ITAT held that no direct material or specific adverse evidence was brought on record against the assessee, and the documentary evidence produced remained unchallenged and uncontroverted. It ruled that additions cannot be sustained merely on suspicion, conjectures, or generalized reports, and consequently decided the issue in favour of the assessee. Case-Laws Income Tax Wed, 12 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464874