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of <h1>Tribunal upholds deletion of income from share sale, emphasizes evidence verification</h1> <h3>Asst. Commissioner of I.T. 14 (3) Versus Shri Ravindrakumar Toshniwal</h3> Asst. Commissioner of I.T. 14 (3) Versus Shri Ravindrakumar Toshniwal - TMI Issues:Appeal against CIT(A)'s order deleting addition as income from other sources in respect of long term capital gains on sale of shares.Analysis:1. The revenue appealed against the CIT(A)'s decision to delete the addition of income from other sources in relation to long term capital gains on the sale of shares of two companies.2. During assessment, the AO observed discrepancies in the share transactions carried out by the assessee through certain brokers, leading to suspicions of bogus transactions.3. The AO issued notices and summoned directors of the broker companies, concluding that the transactions were accommodation entries converting unaccounted money into accounted money.4. The assessee provided various documents to support the transactions, challenging the AO's findings and the reliance on incomplete information.5. The CIT(A) considered the documentary evidence and relevant case laws, including the Tribunal's decisions in similar cases, to conclude that the share transactions were genuine.6. The Tribunal upheld the CIT(A)'s decision, emphasizing that off-market transactions are not illegal and the AO failed to consider the evidence provided by the assessee.7. The Tribunal also highlighted the importance of verifying share transfers with the Registrar of Companies, as seen in previous cases, to determine the authenticity of transactions.8. Ultimately, the Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s decision based on the evidence presented and legal precedents cited.This detailed analysis of the judgment highlights the issues involved, the arguments presented by both parties, the assessment by the AO and CIT(A), and the final decision of the Tribunal, providing a comprehensive overview of the legal proceedings and outcomes.
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