https://www.taxtmi.com/caselaws?id=344080 The High Court upheld the Tribunal's decisions in both issues, emphasizing the importance of following established guidelines and principles to determine the tax treatment of income from share transactions, thereby reducing litigation and ensuring consistency in tax assessments. The Court ruled that no additions could be made under Section 68 of the Income Tax Act when shares were sold, even if the purchasers were found to be bogus, as long as the genuineness of the initial purchases was accepted during scrutiny. Additionally, the Court accepted the assessee's position that the income from the sale of shares should be treated as long term capital gains, based on relevant facts and the CBDT circular. en-us Mon, 05 Jun 2017 00:00:00 +0530 Mon, 06 Apr 2026 10:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344080 The High Court upheld the Tribunal's decisions in both issues, emphasizing the importance of following established guidelines and principles to determine the tax treatment of income from share transactions, thereby reducing litigation and ensuring consistency in tax assessments. The Court ruled that no additions could be made under Section 68 of the Income Tax Act when shares were sold, even if the purchasers were found to be bogus, as long as the genuineness of the initial purchases was accepted during scrutiny. Additionally, the Court accepted the assessee's position that the income from the sale of shares should be treated as long term capital gains, based on relevant facts and the CBDT circular. Case-Laws Income Tax Mon, 05 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344080