Income Tax Appellate Tribunal upholds ₹14.85 lakh tax addition

The Ahmedabad Income Tax Appellate Tribunal has upheld a ₹14.85 lakh tax addition involving transactions with Kushal Tradelink shares. The tribunal ruled that transaction records alone were insufficient to prove the genuineness of the gains, noting that formal documentation must align with actual economic activity to satisfy tax scrutiny.

While upholding the addition, the tribunal returned a separate ₹40.74 lakh long-term capital loss claim to the Commissioner of Income Tax (Appeals) for fresh consideration. This referral requires the appellate authority to re-examine the claim and available evidence without a final determination on the loss itself.