Reassessment of ₹20.19 lakh LTCG as bogus: ITAT Quashes Assessment Due to Lack of Tangible Evidence

ITAT quashed the reassessment of long-term capital gains (LTCG) as bogus, citing lack of tangible evidence. The Tribunal ruled that the reassessment made by tax authorities was invalid due to insufficient evidence to substantiate claims of bogus LTCG. This decision emphasizes the need for the tax authorities to have clear and convincing evidence before making reassessments. The ruling protects taxpayers from arbitrary assessments and highlights the importance of due process in tax investigations. The ITAT’s judgment reinforces the principle that reassessments cannot be based on mere suspicion and must be backed by substantial proof.