https://www.taxtmi.com/caselaws?id=343373 The appellate tribunal allowed the assessees' appeals, directing the A.O. to accept the long-term and short-term capital gains as declared by the assessees under the head 'Capital Gains'. The tribunal found the reopening of assessments unjustified due to lack of tangible material and violation of natural justice principles by not providing Shri Mukesh Chokshi's statement or allowing cross-examination. It concluded that the transactions were genuine and supported by necessary documentation, classifying the gains under 'capital gains' rather than 'other sources'. en-us Fri, 05 May 2017 00:00:00 +0530 Sat, 27 May 2017 13:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343373 The appellate tribunal allowed the assessees' appeals, directing the A.O. to accept the long-term and short-term capital gains as declared by the assessees under the head 'Capital Gains'. The tribunal found the reopening of assessments unjustified due to lack of tangible material and violation of natural justice principles by not providing Shri Mukesh Chokshi's statement or allowing cross-examination. It concluded that the transactions were genuine and supported by necessary documentation, classifying the gains under 'capital gains' rather than 'other sources'. Case-Laws Income Tax Fri, 05 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343373