https://www.taxtmi.com/caselaws?id=195079 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision, directing the Assessing Officer to treat the income from the sale of shares as long-term capital gains rather than income from undisclosed sources. The Tribunal found that the assessee provided adequate evidence to prove the genuineness of the share transactions, emphasizing that mere suspicion without concrete proof is insufficient to justify reclassification. The Revenue's appeal was dismissed, affirming the assessment of the income as long-term capital gains. en-us Thu, 10 Mar 2011 00:00:00 +0530 Mon, 21 Aug 2023 16:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195079 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision, directing the Assessing Officer to treat the income from the sale of shares as long-term capital gains rather than income from undisclosed sources. The Tribunal found that the assessee provided adequate evidence to prove the genuineness of the share transactions, emphasizing that mere suspicion without concrete proof is insufficient to justify reclassification. The Revenue's appeal was dismissed, affirming the assessment of the income as long-term capital gains. Case-Laws Income Tax Thu, 10 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195079