New Delhi, Sept. 24 -- An Ahmedabad taxpayer's claim of capital gains from shares of Kushal Tradelink Ltd. has been rejected by the Income Tax Appellate Tribunal, despite the taxpayer producing contract notes, broker statements, demat records and bank statements to support the transactions.

The Ahmedabad ITAT, in Manishkumar Ramlakhan Agrawal vs Income Tax Officer, Ward 6(1)(1), Ahmedabad, ITA No. 919/Ahd/2025 for assessment year 2018-19, upheld an addition of Rs.14.85 lakh as unexplained money under section 69A of the Income-tax Act. The order also directed the tax authorities to reconsider a separate dispute relating to the taxpayer's long-term capital loss.

The case is relevant for investors because the tribunal's reasoning shows tha...