https://www.taxtmi.com/caselaws?id=257205 The Tribunal set aside the CIT(A)'s decision and directed the AO to delete the assessment of sale proceeds of shares as Income from Other Sources, accepting them as Long Term Capital Gains. The Tribunal found the assessments under Sections 153A and 153C invalid due to lack of incriminating material post-search. The reliance on Shri Narendra R Shah's statement without cross-examination was deemed unjustified. The Tribunal also ruled in favor of the assessees regarding the period of holding shares for Long Term Capital Gains and deleted the assessment of 5% of gross sale receipts as unexplained income. All appeals by the assessees were allowed. en-us Fri, 20 Feb 2015 00:00:00 +0530 Thu, 20 Aug 2015 13:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257205 The Tribunal set aside the CIT(A)'s decision and directed the AO to delete the assessment of sale proceeds of shares as Income from Other Sources, accepting them as Long Term Capital Gains. The Tribunal found the assessments under Sections 153A and 153C invalid due to lack of incriminating material post-search. The reliance on Shri Narendra R Shah's statement without cross-examination was deemed unjustified. The Tribunal also ruled in favor of the assessees regarding the period of holding shares for Long Term Capital Gains and deleted the assessment of 5% of gross sale receipts as unexplained income. All appeals by the assessees were allowed. Case-Laws Income Tax Fri, 20 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257205