TaxTMI 
TaxTMI 
LONG TERM CAPITAL GAIN
07 Jun 2010 
4 Replies 
1654 Views Asked by
Genuineness of long term capital gains hinges on customary documentary support to establish transaction authenticity.
Genuineness of long term capital gain transactions is a factual assessment that depends on whether the transaction appears genuine and is supported by usual, normal and customary documentary evidence; absence of customary documents or the presence of unusual or superfluous records can undermine even a genuine transaction, and reliance on case law is limited because outcomes depend on case specific facts. (AI Summary)
Genuineness of long term capital gain transactions is a factual assessment that depends on whether the transaction appears genuine and is supported by usual, normal and customary documentary evidence; absence of customary documents or the presence of unusual or superfluous records can undermine even a genuine transaction, and reliance on case law is limited because outcomes depend on case specific facts. (AI Summary)
RECENT CASE LAWS ON GENUINEITY OF LONG TERM CAPITAL GAIN