https://www.taxtmi.com/caselaws?id=180357 The ITAT ruled in favor of the assessee, overturning the decisions of the AO and CIT(A), who had treated the sale proceeds of shares as income from undisclosed sources. The tribunal found insufficient evidence to support the Revenue's claims and accepted the assessee's documentation and explanations, including confirmations from the broker. Consequently, the ITAT directed that the income be assessed as long-term capital gain, rejecting the Revenue's reliance on suspicions and conjectures. en-us Fri, 14 Mar 2008 00:00:00 +0530 Thu, 21 Dec 2023 12:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180357 The ITAT ruled in favor of the assessee, overturning the decisions of the AO and CIT(A), who had treated the sale proceeds of shares as income from undisclosed sources. The tribunal found insufficient evidence to support the Revenue's claims and accepted the assessee's documentation and explanations, including confirmations from the broker. Consequently, the ITAT directed that the income be assessed as long-term capital gain, rejecting the Revenue's reliance on suspicions and conjectures. Case-Laws Income Tax Fri, 14 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180357