https://www.taxtmi.com/caselaws?id=338763 The ITAT Ahmedabad held that the transactions involving purchase and sale of shares were genuine, rejecting the revenue's claim that long-term capital gains were undisclosed income. The shares were duly transferred to the assessee's name and credited to the demat account from which they were sold. The tribunal found no evidence to suggest the shares were fictitious or the transactions were accommodation entries. Relying on direct evidence such as broker contract notes and bank receipts, the ITAT directed the AO to treat the surplus as long-term capital gains and allow the claimed exemption. The decision was in favor of the assessee. en-us Fri, 21 Oct 2016 00:00:00 +0530 Wed, 23 Jul 2025 13:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338763 The ITAT Ahmedabad held that the transactions involving purchase and sale of shares were genuine, rejecting the revenue's claim that long-term capital gains were undisclosed income. The shares were duly transferred to the assessee's name and credited to the demat account from which they were sold. The tribunal found no evidence to suggest the shares were fictitious or the transactions were accommodation entries. Relying on direct evidence such as broker contract notes and bank receipts, the ITAT directed the AO to treat the surplus as long-term capital gains and allow the claimed exemption. The decision was in favor of the assessee. Case-Laws Income Tax Fri, 21 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338763