ITAT Rejects Allegation of Fabricated LTCG, Validates Sale Price of Unquoted Shares

The ITAT has dismissed claims that Long-Term Capital Gains (LTCG) were fabricated in the sale of unquoted shares. The tribunal upheld the validity of the sale price as declared by the taxpayer. The case revolved around the genuineness of the LTCG reported and the sale value of unquoted shares. The ITAT’s ruling affirms that the sale price, as reported, was valid and substantiated by proper documentation. This decision is significant for taxpayers dealing with unquoted shares and ensures that the assessment of LTCG is based on credible and accurate information.