Disallowance of Bogus LTCG is Invalid in Absence of Incriminating Material: ITAT [Read Order]

LTCG - income tax - income taxs news - Incriminating Material - Disallowance of Bogus - Income Tax act - TAXSCAN

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has held that disallowance considering the allegation of Bogus Long Term Capital Gain (LTCG)  is not valid in the absence of incriminating material. The Revenue challenged the order of the Commissioner of Income Tax (Appeals) in the case of Bajrang Lal Bamalwa. The Revenue argued…

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