During the F.Y. 2014-15, the assessee has earned short term capital gain of Rs. 2.50 crores and long term capital gain of Rs. 8.12 crores. However, the AO chose only one scrip out of several, and came to the conclusion that the long term capital gain of Rs. 5.70 crores is bogus. However, the AO accepted the transactions in respect of short term capital gain and balance long term capital gain.\u00a0 CIT (A) also confirmed the addition made by the AO. On appeal the Tribunal held that The assessee is a habitual investor having portfolio of investment in shares in crores and is still holding investment in shares in several crores and is constantly engaged in investing in shares of various companies. Assessee has successfully discharged the onus cast upon him by provisions of.\u00a0 68 thus, AO is directed to accept the long term capital gain declared\u00a0 by the assessee\u00a0 (AY. 2015-2016)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68 : Cash credits\u2013Capital gains-Share transactions\u2013Assessee has discharged the onus cast upon him-AO is directed to accept the long term capital gain declared by the assessee. [S. 45]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11507","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2ZB","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11507","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=11507"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11507\/revisions"}],"predecessor-version":[{"id":11508,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11507\/revisions\/11508"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=11507"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=11507"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=11507"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}