SUNIL GOVIND NAIK,MUMBAI vs. DCIT-41(4)(1), MUMBAI
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IN THE INCOME TAX APPELLATE TRIBUNAL“A” BENCH, MUMBAI BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER (Physical hearing) Sunil Govind Naik, DCIT – 41(4)(1), Mumbai Mumbai – 400063. Mumbai – 400051. [PAN: AAGPN4363H] Appellant / Assessee Respondent / Revenue Assessee by Shri Vimal Punmiya, CA Revenue by Shri Surendra Mohan,Sr. DR. Date of hearing 05.05.2026 Date of pronouncement 03.08.2026 Order under section 254(1) of Income Tax Act PER PAWAN SINGH, JUDICIAL MEMBER;
This appeal by assessee is directed against the order of ld. CIT(A)/ NFAC dated 01.12.2025 for Assessment Year (AY) 2020-21. The assessee has raised following grounds of appeal:
“1. The NFAC erred in law and on facts by confirming the addition of Rs. 1,27,39,461/- as bogus Long Term Capital Loss, disregarding that the shares were purchased through banking channels, held in a Demat account, purchased and sold on a recognized stock exchange (BSE/NSE) through a recognised registered broker. The transactions were supported by documentary evidence (contract notes, Demat
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