https://www.taxtmi.com/caselaws?id=180396 The Appellate Tribunal ITAT Mumbai ruled in favor of the assessee in a case concerning the treatment of Long Term Capital Gain on the sale of shares. The Tribunal found that the lower authorities had relied on presumptions and surmises, neglecting direct evidence provided by the assessee. Emphasizing the importance of considering direct evidence, the Tribunal directed the Assessing Officer to accept the gain as Long Term Capital Gains. The appeal was allowed, overturning the decisions of the lower authorities based on factual and merit-based considerations. en-us Fri, 24 Aug 2012 00:00:00 +0530 Mon, 09 Oct 2017 08:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180396 The Appellate Tribunal ITAT Mumbai ruled in favor of the assessee in a case concerning the treatment of Long Term Capital Gain on the sale of shares. The Tribunal found that the lower authorities had relied on presumptions and surmises, neglecting direct evidence provided by the assessee. Emphasizing the importance of considering direct evidence, the Tribunal directed the Assessing Officer to accept the gain as Long Term Capital Gains. The appeal was allowed, overturning the decisions of the lower authorities based on factual and merit-based considerations. Case-Laws Income Tax Fri, 24 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180396