Search and seizure: abatement of earlier search bars use of prior seized material in later search-based assessments; relief limited to new documents f...
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Bogus long-term capital gains additions on listed shares under section 68 cannot be sustained on suspicion alone where the assessee produces purchase records, demat statements, stock exchange sale documents and banking evidence, and the Revenue brings no specific rebuttal. The Tribunal held that general investigation inputs and allegations of penny stock accommodation entries do not displace documentary proof unless there is cogent material linking the assessee to a sham or manipulated transaction. On similar facts, including decisions involving the same scrip, the CIT(A)'s deletion of the addition was upheld and the Revenue's challenge failed.
Bogus long-term capital gains additions on listed shares under section 68 cannot be sustained on suspicion alone where the assessee produces purchase records, demat statements, stock exchange sale documents and banking evidence, and the Revenue brings no specific rebuttal. The Tribunal held that general investigation inputs and allegations of penny stock accommodation entries do not displace documentary proof unless there is cogent material linking the assessee to a sham or manipulated transaction. On similar facts, including decisions involving the same scrip, the CIT(A)'s deletion of the addition was upheld and the Revenue's challenge failed.
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