https://www.taxtmi.com/caselaws?id=177755 The Tribunal dismissed the Revenue's appeals, affirming the CIT(A)'s findings. It upheld the genuineness of the share transactions, supported by substantial documentary evidence, and rejected the AO's reliance on assumptions. The Tribunal confirmed that each assessee's case should be examined individually, dismissed new grounds raised by the Revenue, and maintained the classification of transactions as capital gains, not business income. It emphasized the necessity for the AO to conduct thorough inquiries and allow cross-examination. The Tribunal's decision reinforced the CIT(A)'s comprehensive analysis, highlighting the importance of evidence over conjecture. en-us Fri, 24 Jul 2009 00:00:00 +0530 Fri, 08 Mar 2024 18:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177755 The Tribunal dismissed the Revenue's appeals, affirming the CIT(A)'s findings. It upheld the genuineness of the share transactions, supported by substantial documentary evidence, and rejected the AO's reliance on assumptions. The Tribunal confirmed that each assessee's case should be examined individually, dismissed new grounds raised by the Revenue, and maintained the classification of transactions as capital gains, not business income. It emphasized the necessity for the AO to conduct thorough inquiries and allow cross-examination. The Tribunal's decision reinforced the CIT(A)'s comprehensive analysis, highlighting the importance of evidence over conjecture. Case-Laws Income Tax Fri, 24 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177755