https://www.taxtmi.com/caselaws?id=351271 The Tribunal ruled in favor of the assessee, directing the Assessing Officer to treat the long-term capital gains (LTCG) as exempt under Section 10(38) of the Income Tax Act, 1961. The Tribunal found that the assessee provided substantial evidence to prove the genuineness of the transactions, highlighting the lack of concrete evidence implicating the assessee and emphasizing that suspicion alone cannot justify treating LTCG as unexplained cash credit under Section 68. As a result, the addition of Rs. 29,73,600 to the assessee's income was ordered to be deleted. en-us Wed, 15 Nov 2017 00:00:00 +0530 Wed, 22 Nov 2017 08:25:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351271 The Tribunal ruled in favor of the assessee, directing the Assessing Officer to treat the long-term capital gains (LTCG) as exempt under Section 10(38) of the Income Tax Act, 1961. The Tribunal found that the assessee provided substantial evidence to prove the genuineness of the transactions, highlighting the lack of concrete evidence implicating the assessee and emphasizing that suspicion alone cannot justify treating LTCG as unexplained cash credit under Section 68. As a result, the addition of Rs. 29,73,600 to the assessee's income was ordered to be deleted. Case-Laws Income Tax Wed, 15 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351271