https://www.taxtmi.com/caselaws?id=176333 The ITAT Mumbai upheld the CIT(Appeals) order in favor of the appellant, directing the AO to assess Long Term Capital Gains (LTCG) as declared and deleting the addition under section 68 of the Income Tax Act. The tribunal emphasized the legitimacy of off-market share transactions, supported by proper documentation and precedent judgments where similar additions were deleted. The decision highlighted that off-market transactions do not inherently imply fraud, and the absence of buyer details was not a valid objection. The judgment relied on established legal principles to resolve the Revenue's concerns effectively. en-us Fri, 29 Apr 2011 00:00:00 +0530 Mon, 21 Aug 2023 15:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176333 The ITAT Mumbai upheld the CIT(Appeals) order in favor of the appellant, directing the AO to assess Long Term Capital Gains (LTCG) as declared and deleting the addition under section 68 of the Income Tax Act. The tribunal emphasized the legitimacy of off-market share transactions, supported by proper documentation and precedent judgments where similar additions were deleted. The decision highlighted that off-market transactions do not inherently imply fraud, and the absence of buyer details was not a valid objection. The judgment relied on established legal principles to resolve the Revenue's concerns effectively. Case-Laws Income Tax Fri, 29 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176333