https://www.taxtmi.com/caselaws?id=325741 The Tribunal affirmed the findings of the First Appellate Authority and the AO, dismissing the appeals filed by the assessees. It concluded that the transactions reported as speculation income and short-term capital gains were not genuine but were accommodation entries. The sales proceeds of shares were rightly classified as income from other sources. The Tribunal found the reopening of the assessment under section 147 to be valid, noting that the burden of proof was on the assessee to demonstrate the transactions' genuineness. The appeals were rejected, and the impugned orders were upheld. en-us Mon, 29 Feb 2016 00:00:00 +0530 Mon, 28 Mar 2016 07:02:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325741 The Tribunal affirmed the findings of the First Appellate Authority and the AO, dismissing the appeals filed by the assessees. It concluded that the transactions reported as speculation income and short-term capital gains were not genuine but were accommodation entries. The sales proceeds of shares were rightly classified as income from other sources. The Tribunal found the reopening of the assessment under section 147 to be valid, noting that the burden of proof was on the assessee to demonstrate the transactions' genuineness. The appeals were rejected, and the impugned orders were upheld. Case-Laws Income Tax Mon, 29 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325741