https://www.taxtmi.com/caselaws?id=192261 The ITAT allowed the assessees' appeals, holding that the purchases of shares were genuine despite being below market rates. The ITAT emphasized that reliance on an unrelated party's statement alone was insufficient to disbelieve the assessees' evidence. Relying on a Rajasthan High Court case, the ITAT concluded that the purchases were not bogus, deleting the additions made by the AO. Consequently, the ITAT ruled in favor of the assessees on June 30, 2016, granting them relief and upholding their claim for exemption under section 10(38) of the Income-tax Act, 1961. en-us Thu, 30 Jun 2016 00:00:00 +0530 Tue, 23 May 2017 07:50:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192261 The ITAT allowed the assessees' appeals, holding that the purchases of shares were genuine despite being below market rates. The ITAT emphasized that reliance on an unrelated party's statement alone was insufficient to disbelieve the assessees' evidence. Relying on a Rajasthan High Court case, the ITAT concluded that the purchases were not bogus, deleting the additions made by the AO. Consequently, the ITAT ruled in favor of the assessees on June 30, 2016, granting them relief and upholding their claim for exemption under section 10(38) of the Income-tax Act, 1961. Case-Laws Income Tax Thu, 30 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192261