https://www.taxtmi.com/caselaws?id=239791 ITAT Hyderabad held that share purchase and sale transactions were genuine where the assessees produced purchase documents, dematerialisation records, sale through recognised stock exchange channels, banking trail and securities transaction tax payment. Mere non-traceability of brokers or companies, and adverse material in separate SEBI or market-intermediary proceedings, did not discredit the transactions without case-specific proof of sham dealings, compensatory payments or manipulation. Applying the principle that suspicion cannot replace proof, the Tribunal found the assessees had discharged the primary onus and the Revenue had not rebutted the documentary evidence. The addition treating sale proceeds as income from other sources was therefore deleted, and the gains were accepted as long-term capital gains eligible for exemption under section 10(38). en-us Wed, 06 Nov 2013 00:00:00 +0530 Fri, 02 Sep 2022 12:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239791 ITAT Hyderabad held that share purchase and sale transactions were genuine where the assessees produced purchase documents, dematerialisation records, sale through recognised stock exchange channels, banking trail and securities transaction tax payment. Mere non-traceability of brokers or companies, and adverse material in separate SEBI or market-intermediary proceedings, did not discredit the transactions without case-specific proof of sham dealings, compensatory payments or manipulation. Applying the principle that suspicion cannot replace proof, the Tribunal found the assessees had discharged the primary onus and the Revenue had not rebutted the documentary evidence. The addition treating sale proceeds as income from other sources was therefore deleted, and the gains were accepted as long-term capital gains eligible for exemption under section 10(38). Case-Laws Income Tax Wed, 06 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239791