https://www.taxtmi.com/caselaws?id=180323 The Third Member of the court concluded that the sale transactions of shares were genuine, supported by evidence provided by the assessee. The court found that the assessing officer failed to provide conclusive evidence proving the transactions were fictitious and did not allow the assessee to cross-examine a crucial witness. As a result, the court directed the assessing officer to assess the income from the sale of shares as long-term capital gains. The assessee's appeal was allowed, and the Revenue's appeal was dismissed. en-us Tue, 13 Apr 2010 00:00:00 +0530 Sat, 16 Sep 2023 10:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180323 The Third Member of the court concluded that the sale transactions of shares were genuine, supported by evidence provided by the assessee. The court found that the assessing officer failed to provide conclusive evidence proving the transactions were fictitious and did not allow the assessee to cross-examine a crucial witness. As a result, the court directed the assessing officer to assess the income from the sale of shares as long-term capital gains. The assessee's appeal was allowed, and the Revenue's appeal was dismissed. Case-Laws Income Tax Tue, 13 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180323