The article addresses challenge to tax additions treating...

The article addresses challenge to tax additions treating claimed long term capital gains as non genuine and invoking unexplained cash credit and alleged commission additions; it explains that where the assessee produced DEMAT records, bank statements, cheques, share certificates and broker notes and had paid MAT, the authorities erred in rejecting LTCG claim on a generalized SEBI modus operandi suspicion because cited SEBI orders did not pertain to the assessee's transactions; the piece concludes that evidentiary burden requires transaction specific adverse findings and that similar findings apply to the subsequent assessment year, leading to allowance of the appeals.

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