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The ITAT held that additions under section 68 for alleged bogus long-term capital gains were unsustainable as the AO relied solely on a general modus operandi report without confronting specific evidence or providing the assessee an opportunity for cross-examination. The tribunal emphasized the burden of proof on the revenue to establish bogus transactions through direct and cogent evidence rather than suspicion or conjecture. Citing authoritative precedents, the ITAT reaffirmed that additions cannot be based on surmises and that the onus lies on the revenue to discharge strict proof of fakery. Consequently, the appeal filed by the revenue was dismissed, affirming that the assessee's evidence remained uncontroverted and the additions lacked a firm evidentiary foundation.
The ITAT held that additions under section 68 for alleged bogus long-term capital gains were unsustainable as the AO relied solely on a general modus operandi report without confronting specific evidence or providing the assessee an opportunity for cross-examination. The tribunal emphasized the burden of proof on the revenue to establish bogus transactions through direct and cogent evidence rather than suspicion or conjecture. Citing authoritative precedents, the ITAT reaffirmed that additions cannot be based on surmises and that the onus lies on the revenue to discharge strict proof of fakery. Consequently, the appeal filed by the revenue was dismissed, affirming that the assessee's evidence remained uncontroverted and the additions lacked a firm evidentiary foundation.
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